Annual Report Demonstrates Yorkshire Forward’s Response to the Recession

17/08/2009

Yorkshire Forward today publishes its tenth annual report detailing how it has responded, re-evaluated, and re-aligned its activities over the past twelve months to help Yorkshire and Humber’s businesses through the challenging economic climate.

In the annual report’s Chief Executive’s statement, Tom Riordan says the regional development agency’s role has changed over the last year;

“Yorkshire Forward’s role has always been to support the growth of Yorkshire and Humber’s economy. For ten years we have achieved this under generally sunny economic skies. However, in the last 12 months those skies have clouded over and the role of Yorkshire Forward has changed and become even more vital. It has also become a lot simpler.

“Our primary focus now is to ensure viable companies stay afloat, as many people as possible stay in work and key regeneration schemes keep going.”

Yorkshire Forward has been working closely with its partners, such as Business Link Yorkshire, the Manufacturing Advisory Service, Local Authorities, Job Centre Plus and the Learning and Skills Council, to support the region’s businesses over the last 12 months.

Calls to Business Link Yorkshire have tripled over the last year, 3,867 businesses have undergone a Business Link health-check and over 1190 businesses have accessed financial health-check vouchers worth up to £2,000 for sessions with accountants, equalling a total value of over £2million.

In February the new Transitional Loan Fund loan fund worth £5m was launched to help the region’s businesses tackle the credit crunch. Accessed through Business Link Yorkshire, it provides small to medium sized businesses with working capital to help them maintain liquidity in their business.

Other existing support made available by Yorkshire Forward and Business Link included;

  • £8.6m Grants for Business Investment
  • £6.6 m Targeted Export Support Scheme
  • £43m Research and Development grant fund
  • £10m extension to regional venture capital and loan funds Partnership investment Fund (PIF) and South Yorkshire Investment Fund (SYIF)
  • £48m Train to Gain Enhancement Fund 

Also a £90m new regional venture capital fund is currently in development to be launched later in the year.

As well as providing funding to help businesses, Yorkshire Forward has been providing strategic leadership; bringing together two task forces to support both the financial services and the manufacturing sector. The groups, made up of key industry players and public sector partners not only ensure immediate help is available for businesses,  but also looks at how to take maximum advantage from the new opportunities once the recovery has happened.  

Other ‘Big impact’ projects Yorkshire Forward has launched this year include Digital Region that will make South Yorkshire a test-bed for super-fast broadband provision and our bid for carbon capture and storage that will create thousands of jobs and cut the UK’s carbon emissions.

Trevor Shaw, Executive Director of Finance at Yorkshire Forward commented; “Yorkshire and Humber has faced the global economic challenges as much as anywhere else. It has been a demanding year but we have responded, re-evaluated, and re-aligned what we do to meet the current needs of the region’s businesses, whilst at the same time looking to the future to ensure businesses have the right support, infrastructure and skilled people to guarantee Yorkshire and Humber’s future prosperity.”

Yorkshire Forward’s Annual Report is available on the website; www.yorkshire-forward.com.

Ends

Notes to editors:

Yorkshire Forward
• Yorkshire Forward is the Regional Development Agency behind the economic regeneration of Yorkshire and Humber. It aims to make a positive difference by investing in jobs, improving towns and cities, and in supporting businesses throughout the region.
• Yorkshire Forward’s investment across the region is maximised by attracting European Regional Development Funding.
• For further information, images or to arrange an interview, please contact Laura Scholey, Press Manager on 0113 3949540 or email laura.scholey@yorkshire-forward.com