A GROUP providing funds for small and medium-sized firms in Yorkshire has reached a milestone.
Finance Yorkshire has made more than 100 investments with a total value of £10m in businesses across the region. The landmark milestones comes just 12-months after the venture capital and loan fund made its first investments in the region.
Finance Yorkshire offers seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help SMEs meet the gaps in funding they need for growth and development.
Investments have been made in a variety of sectors such as engineering, healthcare, digital and IT, manufacturing, energy and renewable.
During the first half of the year, investments have created and safeguarded hundreds of and generated about £27m in additional private sector backing.
Companies assisted have included Silsden-based cosmetics company Badgequo, which received funding made up of a £800,000 equity investment and a £100,000 business loan to develop and grow the company in the UK and Europe.
Alex McWhirter, chief executive of Finance Yorkshire, said: “It has been an excellent first year of investing and laid the foundations for further development and growth.
“To provide more than £10m to small and medium-sized enterprises has really provided a boost to the regional economy at a very difficult time for businesses.”
He added: “The environment we work in continues to be fragile.
“However, we have seen a great many number of applications for investment in so many different businesses that it provides us with great optimism that this region can steer itself towards a more positive future.”