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FAQ's
Frequently Asked Questions
Confused? Read our FAQ's to learn more about Finance Yorkshire.
1. How will Finance Yorkshire make sure businesses in the region are aware of the finance available?
Finance Yorkshire will work closely with financial intermediaries to ensure that clients with funding requirements speak to us. The majority of applications for business loans and equity linked investment will be from advisers and banks who are helping their clients find funding and we will be working closely with them to provide financial packages.
For seedcorn finance applications we will be working collaboratively with the region’s universities and innovation centres to stimulate applications from the right types of early stage technology ventures.
We will also work closely with the region’s business support organisations and professional groups to make sure that businesses in the region know about Finance Yorkshire and how to make contact with us.
2. Is the Fund applicable to retail businesses?
Finance Yorkshire is partly funded through the European Regional Development Fund (ERDF) and due to the European laws on displacement, retail businesses are not eligible for funding.
If your business is web-based please speak to us as the displacement rules do not always apply.
3. Is the business loans fund applicable for early stage businesses?
The business loan fund is targeted to fund a small amount of early stage businesses in the region. However, to qualify a company has to demonstrate that the loan can be re-paid from month one and therefore needs either firm sales or an order book to support the application.
4. In what type of businesses will the equity fund invest and what equity stake will you be looking for?
Equity linked investments will typically be made in companies with a turnover of between £1 million and £20 million making an operating profit of between £250k and £1m. The types of deals in that we will be investing include: growth capital, capital expenditure, working capital and those businesses who are relocating to the Yorkshire and Humber region.
The size of the equity shareholding will depend upon a number of factors but will primarily reflect the level of risk and the Fund’s required investment rates of return.
5. I am a pre revenue technology business, but have not finalised my business plan. Is it too early to speak to the Finance Yorkshire Seedcorn team?
No, you do not need a full business plan – if we like your ideas, we will work with you to put a full proposal in place that in time, may be used to attract further investment.
6. How do I apply for funding?
We have a local rate enquiry line – 0845 649 0000. We will take your enquiry and arrange for an investment manager to contact you.
Alternatively, enquiries can be made via the website at www.finance-yorkshire.com.
The application form is available on the web site but we advise that you speak to an investment manager before you complete and submit an application form.
In our experience you will improve the turnaround time of your application and your chances of success if you work on your application with your accountant or business adviser.
