Regional Loan Fund invests £2.7 million

21/07/2009

A loan fund designed to provide companies with finance through the credit crunch has invested £2.7 million in regional businesses.

Yorkshire Forward’s £5 million Transition Loan Fund was launched in February 2009 to help viable regional businesses keep trading through the recession by providing general loan finance to those who had not been able to secure it through the banks. 
 
To date, the fund has helped 74 companies and safeguarded over 1000 jobs in the region. Companies supported by the fund include Leeds based digital media specialists, Bloom Media UK, who received £60,000 investment to help progress their strong order book and Dinnington based Labfacility who are a leading manufacturer of temperature sensors for industry. They received £100,000 investment via the Transition Loan Fund to complement a funding injection from the company’s Directors, which has provided working capital for the company and enabled them to reduce their overdraft requirements. Withernsea based PSG Building Services have also received £20,000 working capital towards their business to ensure they can progress their order book. 
 
Yorkshire Forward’s Director of Business, Simon Hill is urging other regional companies who are struggling to access credit to find out if they too are eligible for support.
 
He comments; “Whilst the banks remain the first point of access for credit, the Transition Loan Fund is there to support strong regional businesses keep trading through the recession. 
 
“Businesses can access the fund via Business Link Yorkshire, who will link them up with the appropriate support advisors in their area that can look at their business needs and how they can help.
 
Loan amounts can vary between £15,000 and over £100,000, and the Transition Loan Fund also offers a joint equity scheme, whereby loan funding can be matched by private sector investors.
 
 
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 from the Objective One and Two programmes.
  • For further information, images or to arrange an interview, please contact Victoria Pourzand, Senior Press Officer on 0113 3949904 or on 07736181063 or email victoria.pourzand@yorkshire-forward.com