The British Business Bank has announced the first wave of its £250m Midlands Engine Investment Fund (MEIF), with the launch of £120m of SME debt finance, which is now available to businesses across the 10 Local Enterprise Partnership areas in the Midlands. This funding is part of a wider £250m commitment, with the remaining equity funding due to be made available in the Autumn.
The £120m now available includes two separate lots – £30m for small business loans between £25,000 and £150,000, as well as £90m of debt finance for loans between £100,000 and £1.5m. For more information on the funds available and how to contact the relevant fund managers, please visit www.meif.co.uk.
The MEIF is the result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Department for Communities and Local Government and 10 Local Enterprise Partnerships (LEPs) in the West Midlands and East & South East Midlands. It brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB).
The MEIF will produce greater levels of investment, increase the focus on the potential opportunities across the Midlands Engine regions and provide increased flexibility in the type of funding provided. Together these will contribute to better economic outcomes for the regions’ businesses, growth and jobs.
The launch of MEIF coincides with the publication of a new report on the state of the region’s economy and funding landscape. Spotlight: The Midlands Engine Investment Fund (MEIF) draws on the British Business Bank’s own research together with other publicly-available data. The report summarises the economic strengths of the region and highlights the opportunities for ambitious, fast-growing businesses across the Midlands Engine area to reach their economic potential. The report can be downloaded at:
http://british-business-bank.co.uk/ourpartners/midlands-engine-investment-fund/
If you would like any further information on the funding, or on how the Local Enterprise Partnership or CW Growth Hub can help your business contact Sean Farnell on 0845 177 5500 or use the on-line contact form.