Finance Yorkshire has increased the maximum loans is gives to individual businesses to £250,000.
The larger loans are being made available specifically to accommodate requests for funding of up to a quarter-of-a-million pounds after demand from the market, businesses, intermediaries and co-funders.
This higher funding offer is targeted at established and profitable companies, which are generating revenue and demonstrate the potential to grow, but are still unable to obtain the required level of funding through conventional banking and finance routes.
Rosehill Polymers Group, based at Sowerby Bridge, West Yorkshire, has already benefited from the expansion after receiving a £250,000 Business Loan from Finance Yorkshire.
The company supplies world class polymer technologies and moulded rubber products to a wide range of global markets, including sports and play, military, rail, highways, biomedical, adhesives and the energy industry.
It will use the funding to purchase new plant and machinery to support the development of an additional production line.
Alex McWhirter, chief executive of Finance Yorkshire, said:
“This new level of funding will provide a significant catalyst to a range of successful businesses needing finance to help them grow.
“Speaking to businesses we found there was a real demand for this to be made available, so we therefore decided to adjust our offering to meet the market need.
“Finance Yorkshire’s business loans have been extremely popular with companies across Yorkshire, the Humber and North and North East Lincolnshire. This extension will enhance the financial support available even further and provide a much-needed shot in the arm for the regional economy.”
More than £17 million has been provided by Finance Yorkshire in business loans since being launched in August 2010. Business loans are available for a wide range of purposes where funding gaps exist including working capital and capital expenditure.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
Finance Yorkshire is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.