HISTORIC PRESS RELEASE : John Healey congratulates South Yorkshire Fund on record award for enterprise [January 2004]
The press release issued by HM Treasury on 23 January 2004.
John Healey, Economic Secretary to the Treasury and Rotherham MP, today congratulated the South Yorkshire Key Fund (SYKF) for its success in receiving the largest ever lump sum award from the Phoenix Fund1 for boosting enterprise in deprived areas, and on passing the £3 million mark in distribution of funds to voluntary and community groups.
With over £10 million available for the region’s communities, the Key Fund is providing an innovative and dynamic approach to economic development, helping promote and stimulate regeneration throughout South Yorkshire.
Speaking at the annual general meeting of the fund in Sheffield, John Healey said: “Boosting levels of enterprise is central to the future of South Yorkshire. This record award and the £3 million already distributed by the South Yorkshire Key Fund represent a major step forward for the region”.
The work of the SYKF, as a community development finance institution, contributes to the government’s social enterprise agenda by providing support to social enterprises and contributing to the economic regeneration of the region.
It provides a custom-made grants and loans scheme for social economy organisations. This ranges from funding for feasibility and start-up activity, through development finance, to large scale, ‘venture capital’ type investments.
The SYKF also works alongside other projects which provide financial support to the social economy, including the South Yorkshire Investment Fund for larger investments and a Global Grants scheme to support smaller, local community based initiatives.
John Healey added: “Disadvantaged communities should not be seen as ‘no-go’ areas for business and enterprise. They should be seen as new markets with competitive advantages such as strategic locations, workforce potential and untapped retail markets. The SYKF is consistently achieving this in the local area.”
