SMEs must seek alternative funds

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Leading growth funding provider Finance Yorkshire is urging more Yorkshire SMEs to consider alternatives to traditional bank lending.

Finance Yorkshire provides seedcorn, loan and equity-linked funding and has invested more than £56 million in SMEs in Yorkshire and the Humber in the last three years.

Its call comes after research showed one in six Yorkshire firms is unaware of alternatives to bank funding.

Finance Yorkshire chief executive Alex McWhirter said: “We complement the funding available from the banks and we can invest in SMEs – it’s as simple as that.

“We know that it is not always possible for SMEs to secure finance from traditional funding sources to achieve their ambitions and that’s where Finance Yorkshire can step in and fund this gap.

“Many of our companies have plans to invest in their businesses, which is great news for the regional economy, and Finance Yorkshire can help them do just that.

“Businesses need to be aware that Finance Yorkshire is here, willing and able to provide the potential funding they need for growth.”