Finance Yorkshire has launched a new fund to support business growth in the region.
The fund will be available to eligible SMEs across Yorkshire and Humber with ambitions to expand, create jobs and improve productivity.
The new fund has been created from the combined legacies successfully created by Finance Yorkshire and the former South Yorkshire Investment Fund. Finance Yorkshire's JEREMIE and Extension Funds invested £113m in more than 500 companies in the region.
The new fund is expected to invest more than £50m over the next five years. It will be structured to provide SMEs with a range of support through Seedcorn and Growth Fund (primarily equity) investments along with large and small business loans.
Finance Yorkshire has appointed Anticus Partners to manage the Seedcorn and Growth investment streams. The fund manager for the Business Loans stream will be announced in the coming weeks.
Finance Yorkshire chief executive Alex McWhirter said: "This new fund builds on the achievements of our previous fund, which successfully delivered on every level, enabling businesses to expand, create jobs and contribute to the growth of the regional economy. Access to finance remains a key challenge for companies wanting to realise their growth ambitions. Finance Yorkshire will continue to play its part in supporting businesses to grow and prosper.
"Having undertaken a rigorous procurement process, with several companies applying to manage the Seedcorn and Growth elements of the new fund, Anticus emerged as the best candidate. The Finance Yorkshire Board looks forward to continuing to work with the Anticus investment team, who we have come to know well during the nine years they have successfully managed Finance Yorkshire's Equity Fund."
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