A REGIONAL £90 million investment fund launched to boost business growth has used the cash ahead of schedule.

The fund has made 694 investments in businesses across the Yorkshire region, creating and safeguarding 8,716 jobs and increasing overall business turnover in Yorkshire by £223 million.

The fund is backed by grants from the UK Government and European Regional Development Fund and finance from the European Investment Bank.

Local firms backed by Finance Yorkshire included award-winning Ilkley Brewery which used a £150,000 loan to invest in fermentation and automatic cask filling equipment to boost production by more than a third to meet rising demand.

Wharfe Bank Brewery, which operates out of a converted paper mill in Pool-in-Wharfedale, used £50,000 of funding to revitalise its branding to widen the appeal of its beers.

Cloud-based communications firm Vapour Media, based in Brighouse, received a total of £550,000 of Finance Yorkshire funding to help boost sales and growth an invest in new technology and recruit staff.

Hi-tech manufacturer Control House, which supplied systems for the London 2012 Olympics, also recruited staff and invested in new technology after securing £200,000 worth of funding. The Elland-based firm specialises in electrical and software based control systems.

Alex McWhirter, Finance Yorkshire chief executive, said: “I am delighted that we are the first JEREMIE (Joint European Resources for Micro to medium Enterprise Initiative) fund to become fully invested in England. Despite operating in a challenging economic climate, we have exceeded our performance targets.”

He said Finance Yorkshire was working with stakeholders to secure further funding and expected to make a further announcement on this “very soon”.

James Newman, Finance Yorkshire chairman, said: “This is a significant milestone for everyone associated with the fund. Finance Yorkshire’s investments have given businesses a timely boost that has led to other private sector direct investment and more employment opportunities being created.

‘’It is, therefore, vital that a second JEREMIE fund is created in 2015 so that all the good work done by Finance Yorkshire is not lost and it can continue to support businesses in Yorkshire and Humber. I am hoping that all four of the Yorkshire and Humber LEPs will support this important initiative, so we can all build on the excellent performance so far for the benefit of the region’s economy.”