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Yorkshire companies say 'thanks a million' as support fund reaches key milestone

13/05/2009

A £5 million loan fund designed to help Yorkshire and Humber businesses stay afloat during the recession has reached a key milestone, investing over £1 million across the region.

Yorkshire Forward’s Transition Loan Fund was launched in February 2009 by BERR Minister Pat McFadden and is designed to provide general loans to viable businesses that are struggling to access credit in the current economic climate.

Since February, the fund has invested in £1.157 million in regional companies, safeguarding 343 jobs across Yorkshire and Humber.

Companies supported by the fund include; Tadcaster based Building Services Contractor TID Services who received a loan for £30,000 to buy materials to complete their order book, Withernsea based PSG Building Services who also received £20,000 working capital towards their business and Sheffield Manufacturer Diamond Dispersions, who received £60,000 to help grow the business along with £100,000 private equity investment. 

Owner of TID services, Mike Tyrell comments “It’s no understatement to say that without this financial support and advice, I would have probably had consider closing the business before getting to the point of no return – and it was an option I was desperate not to have to take.

“I am so delighted that we are now in a position to complete the projects we have orders for and continue to grow the business in spite of the recession.  

Alex McWhirter, Assistant Director of Business at Yorkshire Forward comments; “We are delighted to have reached this key milestone, which is a clear indication of the demand for this kind of finance in our region.

“Because of the current lending climate, many of our regional businesses are struggling to get the finance they need to trade.  They are inherently strong, sound companies who stand every chance of beating this recession, so we are delighted to be able to support them.

“As well as committing £1 million of investment in the region, we have a further £1.7 million worth of applications currently being assessed and which should be complete within the next few weeks. That still leaves a significant amount of support available to businesses, and I encourage them to find out if they are eligible.”

The fund can be accessed through Business Link Yorkshire, who can direct companies to the appropriate organisation to help assess their eligibility and loan requirements.  The fund is designed to help otherwise financially sound companies, with a strong order book who are struggling to access loan support.  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