SMEs get lifeline through regional loan fund

Yorkshire Forward’s £5m Transitional Loan Fund has offered relief for many companies during the credit crunch. The loan fund has been designed to provide small to medium sized businesses in the region with working capital to help them maintain liquidity in their business.

Since its launch in February 2009, the Regional Loan Fund has invested £2.7m in local businesses – supporting 74 regional companies and safeguarding over 1,000 jobs.

A few beneficiaries of the fund to date.
Bloom Media UK: a Leeds-based digital specialist. It received a £60,000 investment which was used to help progress its strong order book.

Labfacility: a Dinnington-based manufacturer of temperature sensors for industry. It received a £100,000 investment to complement funding from the company’s directors. This provided working capital and enabled it to reduce its overdraft requirements.

PSG Building Services: a Withernsea-based building construction contractor. It received £20,000 working capital to allow it – like Bloom Media – to progress its order book.

“What about my business?”
The fund is far from exhausted. Other businesses in the region who are having trouble securing funding are welcome to see whether they’re eligible. Loans will vary between £15,000 and just over £100,000. There is also a joint equity scheme, whereby loan funding can be matched by private sector investors.

For more details, contact Business Link Yorkshire, who will put you in touch with the appropriate support advisors in your area.

0845 6 048 048. www.businesslinkyorkshire.co.uk