Finance Yorkshire obtains further $6m
Posted on 05 January, 2017 by Thierry Heles, editor
The respective local enterprise partnerships of Leeds City Region and Sheffield City Region have injected $6m into Finance Yorkshire, following the fund’s full investment last June.
UK-based investment fund Finance Yorkshire has received a £5m ($6m) cash injection from Leeds City Region Local Enterprise Partnership (LEP) and Sheffield City Region LEP.
Finance Yorkshire previously achieved the full investment of its £113m vehicle in June 2016. That money had come from EU-owned financial institution European Investment Bank and the European Regional Development Fund as well as the UK government.
The additional capital allows Finance Yorkshire to continue its current activities until March 2017 when the Northern Powerhouse Investment Fund is expected to launch.
Launched in 2010, Finance Yorkshire provides seedcorn, loan and equity investments to small and medium-sized enterprises. The £5m in fresh capital are expected to go towards businesses requiring gap funding and to boost employment.
Finance Yorkshire has backed more than 470 SMEs to date, leveraging an additional £286m in funding from the private sector as well as creating and guaranteeing more than 13,400 jobs.
Alex McWhirther, chief executive of Finance Yorkshire, said: “We know that many companies are in good shape but nonetheless find it difficult to access funding. Our investments play an important role in filling that funding gap.
“The full investment of our original fund was an exceptional achievement but we are mindful of the need to provide continued support for regional SMEs.
“We look forward to talking to regional businesses about their funding requirements and will continue to work closely with business advisers to highlight the investment opportunities available.”
See more from this Government Report: UK
Supporting articles
Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.
Latest magazine
Global Government Venturing 14: June/July 2015
-
In this issue
- Government vs private
- Bulgaria accelerates
- Patent changes
Subscribe today
Get full online access, the monthly magazine, weekly news alerts, special reports and more.
See all subscription optionsMost read
-
Sotera closes Ohio-backed $1m seed round
April 13, 2018
-
Egypt gives green light to $11bn sovereign fund
April 13, 2018
-
Hangzhou builds $1.6bn blockchain fund
April 13, 2018
-
Ant Financial anticipates $150bn valuation in latest round
April 13, 2018
-
Alaska Permanent plans emerging markets fund
April 13, 2018