Finance Yorkshire boost to regional economy revealed

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Finance Yorkshire boost to regional economy revealed
Finance Yorkshire Chief Executive Alex McWhirter

The latest figures have revealed that investments by Finance Yorkshire have created – or safeguarded – more than 16,000 jobs in the region.

Since its launch seven years ago, the SME funder has invested in more than 500 SMEs across Yorkshire and the Humber.

The figures show that Finance Yorkshire’s investments have enabled those companies to increase their turnover by a total of £474 million and attract a further £362 million from other private sector sources.

The Finance Yorkshire fund achieved full investment of £113 million last year.

It was originally developed as a European JEREMIE initiative, capitalised by grants from the UK Government, European Regional Development Fund and debt finance from the European Investment Bank (EIB).

In addition, Finance Yorkshire has now fully repaid its debt finance. Future returns from investments will now be used to create a legacy fund for future investment into the region.

Chairman James Newman said: “These figures demonstrate that Finance Yorkshire has more than delivered on its original brief to support SMEs and create jobs and economic growth.

“I am immensely proud of our team that has made this happen over the past seven years.”

Alex McWhirter, Chief Executive of Finance Yorkshire, added: “These economic output figures demonstrate the success of the Fund and its performance in surpassing all expectations when we launched it in 2010.

“At that time, we started with a £90 million fund and over the course of our investment period, because of our success, we were able to secure an additional 30% funding to invest for the benefit of the region’s SMEs.”