Rosie Winterton,
Minister for Regional Economic Development and Coordination, today
launched a new £90 million venture capital and loan fund to boost
business growth in Yorkshire and the Humber, and a £3 million
programme to ensure businesses are better able to access this and
other funding.
The fund, called Finance Yorkshire and supported by the Regional
Development Agency (RDA) Yorkshire Forward, will invest in
ambitious entrepreneurs and businesses who can demonstrate their
ability to successfully grow their companies and support regional
economic recovery.
Rosie Winterton, who is also Minister for Yorkshire and the
Humber, joined local businesses, including corporate financiers,
advisers, accountants and solicitors, at the launch of Finance
Yorkshire at the Aspire in Leeds.
Rosie Winterton said:
“This is the biggest venture capital fund the region has ever
seen. The recession has presented significant challenges for many
people and businesses in Yorkshire, so I am delighted to formally
launch this £90 million new investment fund at such a crucial time
in the region's recovery.”
“Alongside other Government support measures, this fund will help
drive economic growth across Yorkshire and the Humber, along with
Yorkshire Forward, by providing finance to hundreds of small and
medium-sized businesses and start-ups, helping them to flourish
and creating thousands of new jobs."
“In addition, we need to make sure that companies know about the
support available to help them prepare high quality investment
propositions, and the £3 million Understanding Finance for
Business programme is a great example of how to do this.”
Finance Yorkshire builds on the success of the now fully invested
Partnership Investment Finance (PIF) which invested £42 million
for qualifying businesses.
The fund will provide seedcorn, loan and equity linked
investments, ranging from £15,000 to £2m, specifically to help
small and medium businesses meet the gaps in funding they need for
growth and development.
Finance Yorkshire’s event follows the launch of the Yorkshire and
the Humber ‘Understanding Finance for Business’ programme this
week in Leeds.
The £3million programme, supported by Yorkshire Forward, aims to
provide high growth businesses in the region with the knowledge,
advice, tools and resources to be investment-ready to access
funding from potential investors and existing funding streams.
‘Understanding Finance for Business’ will give companies the
opportunity to work with industry experts who have a proven track
record in dealing with companies to raise investment.
Notes to Editors
1. Finance Yorkshire will be capitalised by
grants from Yorkshire Forward’s Single Programme (£15m), European
Regional Development Fund (£30m) and the Joint European Resources
for Micro to Medium Enterprises Initiatives (JEREMIE) initiative
from the European Investment Bank (£45m).
2. Yorkshire Forward’s investment across the
region is maximised by attracting European Regional Development
Funding from the Objectives One and Two programmes and the
2007-2013 Regional Competitiveness and Employment Programmes.
Department for Business, Innovation & Skills
The Department for Business, Innovation and Skills (BIS) is
building a dynamic and competitive UK economy by: creating the
conditions for business success; promoting innovation, enterprise
and science; and giving everyone the skills and opportunities to
succeed. To achieve this it will foster world-class universities
and promote an open global economy. BIS - Investing in our future.
Contacts:
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