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Jeremy Oliver, Corporate Finance Partner

This article appeared in the York Press on Tuesday, April 13, 2010

£90m funding boost

A new £90 million fund for Yorkshire businesses has been hailed as a “timely and excellent boost” for the region’s economy.

The praise comes from Jeremy Oliver of accountants Garbutt & Elliott.

Mr Oliver is hosting an early evening meeting in York to explain the new Finance Yorkshire Fund and to help businesses unlock Government funding.

This follows in the wake of the success of earlier Access to Finance events organised by Garbutt & Elliott in York.

The meeting which follows in the wake of the success of earlier Access To Finance Events will take place at the company’s York office at on April 28 at 5.30pm. It will concentrate on the new Finance Yorkshire Fund, which is designed to provide funds for Yorkshire businesses to grow and flourish.

Jeremy Oliver, Corporate Finance Partner at Garbutt & Elliott, described the fund as: “a very significant development for the region’s economy. In the past, help for the county’s businesses was focused on those based in South Yorkshire, where it was thought the need for help was greatest.

“Now, however, businesses in need of funding in both North and West Yorkshire are eligible for help. This is tremendous news for the region and we are keen to help as many businesses as we can to take advantage of this new opportunity.

“More and more businesses are trying to access Government funding and we are here to provide advice. We have excellent relationships with funders who want to help”.

The event will provide dedicated help, advice and information about how to access finance, up-to-date details of who is lending and their requirements and advice on how to take advantage of The Enterprise Finance Guarantee

In addition, the three separate funds within the Finance Yorkshire Fund, an initiative by Yorkshire Forward, will be explained in detail.

The three funds are:

Seed Corn Finance (£15m fund)

Investment is available ranging from £15k to £780k. This fund is particularly aimed at new and early stage technology and knowledge based businesses where the company is likely to be pre-revenue and high risk but has good potential for high growth and ultimately return realisation for the fund.

Business Loans (£27m fund)

Loans (unsecured) of between £15k to £150k are available for both start up and early stage businesses, as well as established businesses.

Equity Linked Finance (£48m fund)

Investment of between £100k and £1m is available by way of equity and mezzanine and up to £2m is available by way of joint equity packages. It will be considered to fund growth, capital expenditure and in certain circumstances larger start up businesses.

Mr Oliver said: “It is important to remember that this is not an opportunity for funding for businesses as a last resort. It is gap funding where the business has a good chance of succeeding but where the risks may be too high for the commercial sector to partly or wholly fund”

Anyone wanting to attend the event on April 28, should email Rebecca Green at rmgreen@garbutt-elliott.co.uk or phone her on 01904 464100.