Many more companies across Yorkshire and the Humber should be considering gap funding to help grow their businesses, says the head of regional funding body Finance Yorkshire.
New figures show that some 17 per cent of firms in the region are totally unaware of alternatives to traditional bank lending.
Finance Yorkshire provides seedcorn, loan and equity linked investments to businesses and has invested more than £56 million in SMEs in Yorkshire and the Humber in the last three years.
Alex McWhirter, Chief Executive of Finance Yorkshire, said: “We complement the funding available from the banks and we can invest in SMEs – it’s as simple as that.
“We know that it is not always possible for SMEs to secure finance from traditional funding sources to achieve their ambitions and that’s where Finance Yorkshire can step in and fund this gap.
“Businesses need to be aware that Finance Yorkshire is here, willing and able to provide the potential funding they need for business growth. Many of our companies have plans to invest in their businesses which is great news for the regional economy and Finance Yorkshire can help them do just that.”
Finance Yorkshire works with its considerable network of financial intermediaries and business advisers to inform companies in Yorkshire and the Humber about the funding it has available to support business growth in the region.
To date, more than 300 SMEs in Yorkshire, the Humber and North and North East Lincolnshire have found additional gap funding at Finance Yorkshire. It has made more than 477 investments totalling some £56 million and this has led to 6,120 jobs being created and/or safeguarded.
Mr McWhirter added: “These figures demonstrate the huge value and difference Finance Yorkshire’s gap funding is making to businesses in Yorkshire and the Humber. We plan to continue to invest as much as we can to enable our regional companies to innovate, expand, access new markets, create jobs – and prosper.”
