Department for Business, Innovation and Skills
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New finance venture to boost business
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:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk
