£150m fund emptied at Yorkshire Bank
Yorkshire Bank’s £150m fund to support the UK’s small and medium sized businesses has been snapped up. The invoice finance fund provided ‘a vital lifeline’ to many Birmingham businesses, said Martin Rothera, head of the bank’s national invoice finance team.
The fund, which was initially £100m and later extended to £150m, was launched by the bank in June 2009. It aimed to provide support to smaller businesses throughout the recession. According to the bank, more than 200 companies were assisted through the scheme.
The invoice finance fund issued through Yorkshire Bank’s network of 72 UK financial solutions centres (FSC) - including its Financial Solutions Centre in Temple Row - has been accessed by small businesses for uses including freeing up capital held in reserve for business investment and bridging the gap created by late-payments caused by the downturn.
Head of Yorkshire Bank’s national invoice finance team, Martin Rothera, said: “We said at the launch that this fund would provide a vital lifeline to many UK SMEs, including those in Birmingham, and the fact that we have extended our lending and had total take-up shows this to be the case.
“More significantly those Birmingham businesses which have accessed this fund would have found life far harder without it but have been able to gain a competitive edge and will now play a part in driving their local economies forward, creating and preserving jobs as the steady emergence from the downturn continues. Additionally, a number have taken up credit protection against bad debts."
