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Yorkshire in strong shape
Yorkshire and Humber is bucking the trend and is in a stronger position than it has been towards the end of any previous recession, according to Yorkshire Forward's Alex McWhirter.
The regional development agency's assistant director for business has urged company advisers to take an optimistic view of the future, even though it was not yet certain whether the recovery had begun.
Speaking in Sheffield, at the launch of Finance Yorkshire, Mr McWhirter said Yorkshire had to make sure it was at the forefront of the recovery, not playing catch up.
"We have ended up in a stronger position at the end of the recession than at any other time. Our region has been first in and last out over past recessions, but that is a trend that I think we will buck this time, because of the efforts of Yorkshire Forward and other agencies," he added.
Finance Yorkshire is a 90 million region wide initiative to use money from the European Investment Bank, the European Regional Development Fund and Yorkshire Forward to bridge the gap between companies' needs and the money available from banks and investors.
The initiative, chaired by Master Cutler James Newman, has 15 million to provide seedcorn funding of up to 780,000 for new firms that have the potential to have a significant impact on the region's economy.
A further 27 million will be available in fixed rate loans ranging from 15,000 to 150,000 to provide working and development capital and 48 million for equity investments ranging from 100,000 to 2 million.
Finance Yorkshire will also manage loans and investments granted by South Yorkshire Investment Fund and Partnership in Finance, which aided firms in European Objective 2 regeneration areas in the rest of Yorkshire; and reinvest the proceeds of those investments when they are realised.
"We are seeking to build a permanent fund," said Mr Newman. Finance Yorkshire has a great ammount of capital to invest in helping develop organic economic growth for the region. We hope to stimulate demand and if we do that, the region will do well."
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Weather for Sheffield
Thursday 24 May 2012
Today
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Temperature: 11 C to 25 C
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