Published: December 15th, 2023
The Midlands Engine Investment Fund (MEIF) – which is supported by the Marches LEP – has invested £250million directly into Midlands businesses, new figures show.
The fund, which offers a range of debt and equity funding options to help businesses access finance, says it has made more than 1,000 investments in the last five years and supported 696 small and medium businesses.
The fund, which is backed by the British Business Bank, has also helped unlock £372m in private-sector funding.
Ken Cooper, managing director at the British Business Bank, said: “Hitting this milestone underlines the success that the Midlands Engine Investment Fund has had in backing ambitious SMEs across the region as they innovate, create employment and increase economic activity. Our long-standing partnership with key regional stakeholders and the hard work of our fund managers has been essential to this success.
“BBB’s commitment to fuelling job creation and innovation in the region is as strong now as when we launched the first MEIF in 2017 and we are looking forward to continuing this with £400m of funding for a successor fund in 2024.”
One of the companies to benefit from MEIF funding this year was Shropshire Electrical Solutions Ltd, based in Shawbury.
It received £75,000 to support its growth and expansion following a successful application managed by BCRS Business Loans.
The business, which currently employs six people, specialises in electrical and fire alarm systems in the commercial sector. The loan will be used to provide working capital to help fund projects and enable the business to acquire five new vans.
For more details of the finance options available through MEIF visit https://www.meif.co.uk/
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