A new £90m venture capital and loan fund which will boost business growth in Yorkshire and the Humber has been launched.
Finance Yorkshire, which will invest in businesses across the region, is set to complete a four-year investment phase by 2014. It will be capitalised by grants from Yorkshire Forward’s Single Programme (£15m), European Regional Development Fund (£30m) and the JEREMIE initiative from the European Investment Bank (£45m).
The fund can 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.
The project builds on the success of the fully invested Partnership Investment Finance (PIF), which invested £42m for qualifying businesses, and the South Yorkshire Investment Fund (SYIF), which invested £60m in South Yorkshire.