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August 23, 2011

New investment fund to help small businesses in Hull and East Yorkshire

A £600,000 fund has been launched to help new and expanding businesses in the digital and technology sectors based in Hull and East Yorkshire.

The new KC Invest fund offers loans of between £1,000 and £25,000. Two local enterprise agencies, the Acorn Fund and Sirius, will each distribute £150,000 and will also administer the fund. The additional £300,000 will be provided by European Regional Development Fund (ERDF). The repayment period will typically be up to three years and the interest rate 14 per cent.

Sean Royce, KC’s finance and commercial director, said the fund would give practical support to growing businesses and help boost the local economy.

“We need new businesses more than ever to stimulate growth and help the country’s economic recovery,” he said.

Alan Gordon-Freeman, managing director of Sirius, added: “The funding can help to attract other forms of finance as well as bring other specialist support such as business management and marketing. This is a fantastic opportunity for those involved in technology to develop and grow their own businesses.”

To be eligible, businesses must be based in Hull or the East Riding of Yorkshire and should first get in touch with either the Acorn Fund or Sirius. Only applications made through either of them will be accepted by KC Invest.