Eligibility Criteria
The Eligibility Criteria set out below applied to PIF's lending period and are
expected to apply to transactions through the Legacy Fund from 2014 onwards:-
Commercially viable businesses
PIF is a commercial fund targeted to provide a return to its investors. It will
therefore look to support businesses and proposals that are considered to be commercially
viable by our fund management team.
Definition of Small and Medium Sized Enterprises
An SME is a business which has less than 250 employees (on a full time equivalent
basis) and has turnover of less than £33 million or net assets of less than £28
million. An SME cannot be more than 25% owned by a business which is itself not
an SME.
Geographic Location
PIF was set up to support businesses in specific areas of Yorkshire, The Humber
and North Lincolnshire. The easiest way to check whether your business, or a significant
proportion of it, operates in an eligible area is to use the postcode checker on this website. You can also view a map of eligible areas.
Industry sector
The fund has detailed rules regarding certain sectors which it cannot support.
In simplified form the fund can support projects which have some element of value
added either through physical operations or intellectual property, provided they
are not involved in primary industries. Please contact us to find out if your business is eligible.
Commercial funding sources exhausted
PIF was established to support businesses which have been unable to raise funding
from traditional commercial sources or have exhausted the supply of funding from
such sources. This can be determined by written evidence of funders declining
to support the project or our fund mangers concluding that the project would not
be supported by such funders if they were approached.