Vimeo logo Twitter logo LinkedIn logo

News

Header icon
Back to News Business men image of coventry-warwickshire-lep

16th March 2020

Coventry & Warwickshire businesses benefit as MEIF lends £2 million

Tags

Debt finance

Three SMEs secure debt funding in the region: Trakm8, Productiv and Eskuta

Three businesses based in Coventry and Warwickshire have secured a total of £2 million from the Midlands Engine Investment Fund (MEIF). The firms receiving the MEIF Debt Finance, managed by Maven Capital Partners, include manufacturer of telematics software, Trakm8, engineering consultancy, Productiv and e-cargo electric bike supplier, Eskuta.

Totalling £2 million, the finance will enable the companies to accelerate their growth plans and create new jobs in Coventry & Warwickshire.

Coleshill-based Trakm8 specialises in developing telematics technology, used by insurers or businesses to manage their fleet of vehicles. The business has received a £1.5 million business loan to increase product stock and support fleet sales, creating 10 new roles.

Productiv is a Clean Engineering product development company which works with inventors to turn their technologies into products and accelerate them to market and production. The Company provides technology, manufacturing and commercial readiness development support.

Eskuta which is headquartered in Nuneaton is an e-cargo electric bike supplier that supports the restaurant delivery sector. The firm also received £250,000 to expand its premises and boost its stock levels to meet growing demand.

Andy Povey, Investment Manager for MEIF West Midlands, said: “We are pleased to announce the completion of these deals in the Coventry & Warwickshire region. All three businesses are reputable, established companies that are ready to take the next step in their growth journey. Having received the funds, the firms can now increase stock, expand their facilities, undertake new projects, hire employees and further strengthen the LEP area. We look forward to working alongside the businesses to help them achieve their growth objectives over the coming years.”

Ryan Cartwright, Senior Manager at the British Business Bank said: “It is good to see finance from the Midlands Engine Investment Fund being used to drive business growth and create new employment opportunities in Coventry and Warwickshire and would encourage other SMEs across the whole midlands region to consider the MEIF as a potential funding source.”

Sean Farnell, board director at the CWLEP, said: “Innovation is key to the success of businesses and it is great to see these four companies have it in abundance. Their growth is boosting the economy in Coventry and Warwickshire as well as creating jobs and I hope this great news will encourage other entrepreneurs to follow their dreams.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Follow @midsenginv

Staffordshire-based @JenniferSkin is set to expand into new #international markets following investment from #MEIF and @Midven.

Find out more about the firm's plans here: https://t.co/c7Gi8P4iiv https://t.co/E7a5OslYdM
MidsEngInv photo

Keep up to date with the latest news, views and deals on our #MEIF LinkedIn.

Connect here: https://t.co/2ArDcrrsVn https://t.co/HhkX00kyVb
MidsEngInv photo

Growth Hubs can help connect entrepreneurs, start-ups and larger businesses with the support they need to grow.

With 10 located across the #Midlands, find your local #GrowthHub here: https://t.co/TgkARfQcA7 https://t.co/rF0DFSnwya
MidsEngInv photo

Whether you are an #entrepreneur looking to start a business or an #SME looking to grow, you may find it difficult obtaining the finance you need.

#MEIF Small Business Loans can be used to fill funding gaps.

Find out more: https://t.co/UL95xCT6Fk https://t.co/fxfbpL9mYz
MidsEngInv photo

65% of #MEIF investee firms reported increased skills in their workforces according to our Early Assessment Report.

Find out more about the fund's impact on job creation and skills here: https://t.co/NnfU2oqVQm https://t.co/eo7eT08AGl
MidsEngInv photo
Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area

small business loans

Small Business Loans

£25k – £150k

Small Business Loans pageLearn More
debt finance

Debt Finance

£100k – £1.5m

Debt Finance pageLearn More
equity finance

Equity Finance

£50k – £2m

Equity Finance pageLearn More
proof of concept

Proof of Concept

Up to £750,000

Proof of Concept pageLearn More
Follow @midsenginv

Staffordshire-based @JenniferSkin is set to expand into new #international markets following investment from #MEIF and @Midven.

Find out more about the firm's plans here: https://t.co/c7Gi8P4iiv https://t.co/E7a5OslYdM
MidsEngInv photo

Keep up to date with the latest news, views and deals on our #MEIF LinkedIn.

Connect here: https://t.co/2ArDcrrsVn https://t.co/HhkX00kyVb
MidsEngInv photo

Growth Hubs can help connect entrepreneurs, start-ups and larger businesses with the support they need to grow.

With 10 located across the #Midlands, find your local #GrowthHub here: https://t.co/TgkARfQcA7 https://t.co/rF0DFSnwya
MidsEngInv photo

Whether you are an #entrepreneur looking to start a business or an #SME looking to grow, you may find it difficult obtaining the finance you need.

#MEIF Small Business Loans can be used to fill funding gaps.

Find out more: https://t.co/UL95xCT6Fk https://t.co/fxfbpL9mYz
MidsEngInv photo

65% of #MEIF investee firms reported increased skills in their workforces according to our Early Assessment Report.

Find out more about the fund's impact on job creation and skills here: https://t.co/NnfU2oqVQm https://t.co/eo7eT08AGl
MidsEngInv photo

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information