Rosie Winterton, regional economic development and coordination minister, has launched a new £90m venture capital and loan fund to boost business growth in Yorkshire and the Humber.
A parallel £3m programme is also underway to ensure businesses are better able to access this and other funding.
The fund, dubbed Finance Yorkshire and supported by the Regional Development Agency (RDA) Yorkshire Forward, will invest in entrepreneurs and businesses who can demonstrate their ability to successfully grow their companies and support regional economic recovery.
Finance Yorkshire builds on the success of the now fully invested Partnership Investment Finance (PIF), which invested £42m for qualifying businesses.
This fund will provide seedcorn, loan and equity-linked investments, ranging from £15,000 to £2m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Finance Yorkshire’s event follows the launch of the Yorkshire and the Humber ‘Understanding Finance for Business’ programme in Leeds.
The £3m programme, supported by Yorkshire Forward, aims to provide high-growth businesses in the region with the resources to be investment ready to access funding from potential investors and existing funding streams.
Understanding Finance for Business will give companies the opportunity to work with industry experts who have a proven track record in dealing with companies to raise investment.