A MULTI-million pound fund has been launched to help to boost business across North Yorkshire and the East Coast.

The Partnership Investment Finance (PIF) is the driving force behind the fund, which aims to invest £37 million in small to medium-sized businesses over the next four years.

Eligible companies from North Yorkshire to north-east Lincolnshire will be able to tap into the cash, which is designed to bolster economic regeneration by providing equity investments and loans.

David Dickson, managing director of Garbutt and Elliott of York and the vice-chairman of the PIF partnership group, said that the area covered would include the North York Moors from just north of Malton, east of Thirsk and the whole of the East Coast.

"This region is burgeoning with small and medium-sized ventures who are seeking funds within an equity gap of anything from £15,000 to £250,000 from sole traders to firms with as many as 250 employees, but all must have a turnover of less than £33 million.

"It's not a prerequisite that your venture is a scientific phenomenon. It just has to be a good solid business with profit potential.''

PIF is a private and public sector business finance provider, part-funded by the European Regional Development Fund and European Social Fund programmes.

Its key partners include the European Union, the regional development agency Yorkshire Forward, Barclays Bank and YFM Venture Finance.

PIF chief executive Dr Jon Harris said they were looking to support companies with strong business plans, backed by excellent management teams.

PIF's managing director, Miles Stanyard, said PIF's investments would support a wide range of companies from small businesses requiring a few thousand pounds to companies employing up to 250 people with plans for further growth.

Alex McWhirter, head of enterprise for Yorkshire Forward, said: "The fund is a further platform on which Yorkshire Forward can support business and enterprise."

Support will not be given if it is likely to displace other businesses.

Funding will be focused on companies with productive capacity, firms providing a non-local service and those trading outside their local markets so as to nurture a more diverse economic base.

The PIF team's partners include chambers of commerce, the regional Institute of Directors and business links, as well as banks, local accountants and solicitors.

"The partnership group will play a significant role in the fund's development and provides us with a direct route to businesses throughout the region," said Dr Harris.

"In the meantime, we would be delighted to talk to businesses and others to discuss how the fund can help them grow."

For more information about the fund, and how to tap into it, contact (01924) 237850 or log onto www.partnershipif.co.uk.

Updated: 15:52 Wednesday, March 09, 2005