Funds available for York business growth

More than 500 business leaders from Yorkshire attended Finance Yorkshire organised events in Leeds, York, Hull and Sheffield.

The events showcased companies seeking investment, gave the opportunity for discussion of investment opportunities across the region and provided vital information on each of the Local Enterprise Partnerships (LEP).

Since being launched in August 2010, Finance Yorkshire has made more than 350 investments, with a total value of £41 million, in businesses across Yorkshire, the Humber and north and north east Lincolnshire. This has safeguarded and created 6,200 jobs and generated a private sector leverage of £79 million.

Finance Yorkshire, chief executive Alex McWhirter, said: “The roadshows illustrated through case studies that there is funding available for viable businesses to develop growth plans. Plenty has been achieved so far, but there is still a lot of hard work ahead.

“This year attendees had the chance to learn about the economic strategies from their respective LEPs. Working together, Finance Yorkshire and the LEPs can improve prosperity and generate employment throughout the region.”

At the York event speakers included James Farrar, chief operating officer at the York LEP, Alex McWhirter, Finance Yorkshire chief executive and John Watson, Finance Yorkshire director.

Finance Yorkshire provide seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million, specifically to help small and medium sized businesses meet the gaps in the market for the funding they need for growth and development.

It has attracted £30 million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15 million from Yorkshire Forward’s Single Programme, and £45 million match funding from the European Investment Bank.