Details of the Midlands Engine Investment Fund (MEIF), which includes start-up loans, proof of concept funding, debt and equity finance, will be revealed at the University of Wolverhampton’s Telford Innovation campus on March 7.
The Telford event is one of ten regional briefings, co-hosted by the British Business Bank and the Local Enterprise Partnerships, aimed at business advisers and companies looking for alternative funding options to support growth.
There are four different funding options designed to plug common gaps in the provision of finance:
start-ups and small business loans of between £25,000 and £150,000
business loans for companies looking for capital of between £100,00 and £1.5m;
equity finance of up to £2m for more established companies with high growth potential
proof of concept early stage equity funding up to £750,000
Fund managers for each option will present at the event.
Gill Hamer, Director of the Marches LEP, said the new fund was aimed at providing small and medium-sized businesses with increased flexibility in the types of funding available, as well as boosting investment levels in the Midlands. It aims to help 1,400 SMEs and create 3,800 jobs.
"We know that one of the biggest barriers to growth for our companies in Herefordshire, Shropshire and Telford & Wrekin, is access to finance. The Midlands Engine Investment Fund is an exciting new opportunity for SMEs that have plans for growth. It will also encourage economic growth in the wider Midlands region through investment.
"This event is the first chance for our business intermediaries and high growth potential SMEs, to hear first hand about the financial support available," she added.
Speakers at the event include a representative from the British Business Bank, Gill Hamer, Director of the Marches LEP, and the fund managers for each of the four funding options.
The fund has been established in conjunction with the European Regional Development Fund (ERDF), the European Investment Bank (EIB) and the UK Governmentand is being delivered in the Midlands by fund managers BCRS, Maven Capital Limited, Midven Ltd and Mercia Technologies PLC.
MEIF is being promoted via the Marches Growth Hub, the one-stop-shop for information on business support in the region, at www.marchesgrowthhub.co.ukwhere you can find further information on funding and finance options.