Finance Yorkshire invests in over 500 SMEs

Investment by the SME funder has created or safeguarded more than 16,000 jobs across Yorkshire and enabled those companies to increase their turnover by a total of £474m.

The Finance Yorkshire fund achieved full investment of £113m last year and was originally developed as a Joint European Resources for Micro to Medium Enterprises initiative, capitalised by grants from the government, the European Regional Development Fund and debt finance from the European Investment Bank.

Finance Yorkshire has also repaid its debt finance and future returns from investments will now be used to create a legacy fund for future investment into the region.

“These figures demonstrate that Finance Yorkshire has more than delivered on its original brief to support SMEs and create jobs and economic growth,” said James Newman, chairman of Finance Yorkshire. 

“I am immensely proud of our team that has made this happen over the past seven years. 

“Through their hard work and diligence, we have made hundreds of investments that have led to more employment and boosted the economic future of the region.”

Finance Yorkshire claimed that due to its initial success, it was able to secure an additional 30% of funding to invest in the region’s SMEs.

The fund has also received finance from the Regional Growth Fund and latterly from the Leeds City Region Enterprise Partnership and Sheffield City Region LEP. 

Finance Yorkshire is now exploring further investment opportunities to utilise its legacy fund.

“There is still considerable unmet demand from SMEs for investment support to enable their businesses to grow and prosper,” said Alex McWhirter, chief executive of Finance Yorkshire. 

“We are keen to look at what investment opportunities there are available to continue to facilitate the success of companies across Yorkshire and the Humber.”