More than £68m has been invested in SMEs by regional funding body Finance Yorkshire, new figures reveal.
A total of 545 investments have been made in small and medium-sized enterprises across Yorkshire and the Humber, generating £84m in increased turnover and enabling them to exploit new market opportunities and grow.
Finance Yorkshire said the funding had also created 2,782 jobs and safeguarded over 3,800 more.
Alex McWhirter, chief executive of Finance Yorkshire, said: “These figures are a strong demonstration of the impact and value that we bring to SMEs across the Yorkshire region.
“In what has been a difficult couple of years, our investments have helped companies grow and maintain their competitive edge, increasing turnover, creating much-needed jobs and fuelling the regional economy.
“I’m confident our investments across a range of sectors will continue in the coming months, particularly with the upturn in the economy and a strong desire among SMEs to seek finance for growth.”
Finance Yorkshire, which provides SMEs with seedcorn, loan and equity-linked investments ranging from £15,000 to £2m, is now working with its partners – including the region’s Local Enterprise Partnerships – to further support growth among the region’s SMEs.
One company to benefit is Rosehill Polymers in Sowerby Bridge, which is using a £250,000 business loan from Finance Yorkshire to boost its expansion plans. The funding has been used to assist with the purchase of new plant and machinery to support the development of a new production line at its head office.
Dr Alex Celik, group managing director at Rosehill Polymers, said: “Our aim is to increase sales across all sectors, especially in the offshore energy, rail and highways market where we have witnessed the most significant growth.
“Finance Yorkshire has enabled us to start our exciting expansion project and has provided the catalyst for our bigger plan, which we hope to be an overall £4m investment in our company.”
Finance Yorkshire is supported financially by the EU and has attracted £30m investment from the European Regional Development Fund, £15m from UK Government and £45m match-funding from the European Investment Bank.