Daily News

Daily News in Association with NDS

New finance venture to boost business

Rosie Winterton, Minister for Regional Economic Development and Coordination, today launched a new £90m venture capital and loan fund to boost business growth in Yorkshire and the Humber, and a £3m 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 £90m 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 £3m 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 £42m 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 £3m 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.