More funding for East Yorks firms

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Published: Tuesday 30th December 2014 by The News Editor

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A £90 million fund designed to support small and medium-sized enterprises (SMEs) in Yorkshire has been fully invested, but business leaders are planning to create a new one.

says its has made 694 investments in Yorkshire, East Yorkshire and North Lincolnshire supporting 8,716 jobs.

One of them, Xeros, received £1.45 million. The washing machine firm floated on the Alternative Investment Market (AIM). Based in Rotherham the company has produced a recyclable polymer bead cleaning system.

Finance Yorkshire is a Joint European Resources for Micro to medium Enterprises (JEREMIE) and it is thought to be the first organisation of its kind to just provide funding for firms based in England. The money comes from Government grants, the European Regional Development Fund and the European Investment Bank.

Its chief executive, Alex McWhirter, says SMEs can find it difficult to get the finance they need and the funding provided by Finance Yorkshire has allowed many in the region to expand and provide jobs for local people.

It is thought that the fund will be able to help many more fledgling firms and it is looking for more stakeholders to continue the investment into 2015.

Copyright Press Association 2014

Published: Tuesday 30th December 2014 by The News Editor

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