Spring in step for Finance Yorkshire

Rosie Winterton, the minister for regional economic development, will unveil Finance Yorkshire at an event in Leeds on March 12.

Fund managers plan to start investing in early spring. They will provide seedcorn, loan and equity investments ranging from 15,000 to 2m to help small and medium businesses raise the funding they need alongside investment from the commercial market.

Yorkshire Forward is expected to provide 45m, with the rest of the money coming from the European Union and the European Investment Bank.

Managers have said Finance Yorkshire will not discriminate according to postcode, unlike previous funds.

The launch events will feature members of Finance Yorkshire's board of directors and investment teams who will take part in question and answer sessions.

Events are scheduled to take place in Leeds, Sheffield, Skipton, Scarborough, Hull and York.

Finance Yorkshire will be headquartered in Barnsley's Capitol Hill Business Park, the same location as Business Link York- shire.

James Newman, this year's Master Cutler, is chairman of the new fund.

He said it will fill the gap left by banks and other financial institutions which have become more averse to risk as a result of the credit crunch.