First tranche of Midlands Engine Investment Fund open for business as British Business Bank launches £120million of debt finance
SEMLEP welcomes today’s announcement from the British Business Bank on the first wave of the £250million Midlands Engine Investment Fund (MEIF), with the launch of £120million of SME debt finance, which is now available to businesses across the South East Midlands.
Aimed at eliminating regional imbalances in funding, the British Business Bank is keen to support fast-growth organisations and businesses looking to expand into new markets and boost productivity, supporting job creation.
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 East & South East and West Midlands, including the SOuth East Midlands Local Enterprise Partnership. 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 £120million fund is composed of two separate lots – £30million of small business loans valued between £25,000 and £150,000, as well as £90million of debt finance worth between £100,000 and £1.5million. The £120million fund is part of a wider £250million commitment, with further funding due to be made available later this Autumn.
Dr Ann Limb CBE DL, Chair of SEMLEP said: “We have a thriving and innovative SME business community right across the South East Midlands. To continue to grow our economy we need to ensure that those businesses with the potential to create jobs and improve skills and productivity can access the finance they need at the right time. SEMLEP has contributed to the Midlands Engine Investment Fund to make more finance available to our SMEs and give our businesses more options and greater control of their future growth.”
For more information on how to access financial support from the fund, visit www.meif.co.uk