Finance Yorkshire has appointed The FSE Group to manage two business loan investment streams.
The appointment follows Finance Yorkshire’s announcement of a new fund to support business growth across the region. Investments are available to eligible SMEs across Yorkshire and the Humber with ambitions to expand, create jobs and improve productivity.
The new fund has been structured to provide SMEs with a range of support through Seedcorn and Growth Fund (primarily equity) investments, along with large and small Business Loans.
The FSE Group will manage the two Business Loan funds. It was announced in September that Anticus Partners will manage the Seedcorn and Growth streams.
Finance Yorkshire’s new fund is expected to invest more than £50m over the next five years as it continues to realise its investment portfolio from its earlier fund.
The new fund has been created from the combined legacies successfully created by Finance Yorkshire and the former South Yorkshire Investment Fund. Finance Yorkshire’s JEREMIE and Extension Funds invested £113m in more than 500 companies in the region.
Finance Yorkshire Chief Executive, Alex McWhirter said: “We’re looking forward to working with The FSE Group to provide much-needed investment to companies with great potential but who are unable to access finance from traditional and other alternative sources.
“The FSE Group emerged as the best candidate following a competitive tendering process and they have wide-ranging experience of delivering investments that help SMEs to reach their maximum potential.”
The FSE Group CEO, Paul Marston added: “We are delighted to be appointed fund manager for these two loan funds and join Anticus Partners in providing alternative finance options to high growth SMEs across Yorkshire and the Humber. The FSE Group has been funding and supporting growth SMEs for 20 years and we look forward to building on Finance Yorkshire’s previous success.”
For enquiries about the Business Loan Funds, please email: info@finance-yorkshire.com
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Notes to Editors
About Finance Yorkshire
Finance Yorkshire’s new fund provides flexible investment packages to eligible SMEs based or moving to areas within Yorkshire and Humber with ambitions to expand, create jobs and improve productivity.
The fund provides four main products, structured to back businesses through critical stages of growth: Micro-Loans, Business Loans, Growth Fund (loans and equity) and Seedcorn.
The new, sustainable fund has been created from the legacy finance available from Finance Yorkshire’s previous support for SMEs alongside legacy finance from the former South Yorkshire Investment Fund (SYIF).
Finance Yorkshire was established in 2010 to provide gap finance through debt and equity investments to SMEs across Yorkshire and Humber.
This Joint European Resources for Micro to Medium Enterprises (“JEREMIE”) fund - capitalised by grants from UK Government, European Regional Development Fund and finance from the European Investment Bank - and Extension Fund saw £113 million invested in 500 companies between 2010 and 2017.
Finance Yorkshire’s previous investments created and safeguarded more than 16,000 jobs, enabling those businesses to increase their turnover by a total of £474m and attract a further £374m from private sector sources.
For more information, please visit www.finance-yorkshire.com or call 0300 030 6060.