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16th March 2020

Coventry & Warwickshire businesses benefit as MEIF lends £2 million

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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

#MEIF Small Business Loans can be used to support new product development, expansion projects and purchasing new equipment.

Find out more about the finance type here: https://t.co/jYDjBK5oLs https://t.co/cIlO7HsLrw
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Find out more in @businesslive: https://t.co/djUD8wWvH5 https://t.co/Nl0hhVQIej
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Leicester tech firm @Navitas_Group is set to digitise the food safety industry following a £745k equity investment from #MEIF and @ForesightGroup.

The boost will support the full market roll-out of its food safety technology.

Read more on our website: https://t.co/UFTXQcQpSW https://t.co/CO3PwJJCgW
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Derby manufacturer @ComplexiaUK is set to expand and create 7 new jobs after a £100k boost from #MEIF and @1st_Enterprise.

Funding will be used to invest in new machinery and support the firm as it moves into new markets.

Read more in @insidereastmids: https://t.co/wBhDHDCOXi https://t.co/wcCOQx46lT
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Follow @midsenginv

#MEIF Small Business Loans can be used to support new product development, expansion projects and purchasing new equipment.

Find out more about the finance type here: https://t.co/jYDjBK5oLs https://t.co/cIlO7HsLrw
MidsEngInv photo

Birmingham-based tele-optometry company, @EyotoOfficial, is set to develop new technology to enable remote eye tests following a £2.5 million funding round, supported by #MEIF and @Midven.

Find out more in @businesslive: https://t.co/djUD8wWvH5 https://t.co/Nl0hhVQIej
MidsEngInv photo

Leicester tech firm @Navitas_Group is set to digitise the food safety industry following a £745k equity investment from #MEIF and @ForesightGroup.

The boost will support the full market roll-out of its food safety technology.

Read more on our website: https://t.co/UFTXQcQpSW https://t.co/CO3PwJJCgW
MidsEngInv photo

Don't forget to subscribe to our newsletter for all the the latest investment news, insights and exclusive interviews.

Sign up on our website: https://t.co/bhaSJ3nvsT https://t.co/kxSnLTPulF
MidsEngInv photo

Derby manufacturer @ComplexiaUK is set to expand and create 7 new jobs after a £100k boost from #MEIF and @1st_Enterprise.

Funding will be used to invest in new machinery and support the firm as it moves into new markets.

Read more in @insidereastmids: https://t.co/wBhDHDCOXi https://t.co/wcCOQx46lT
MidsEngInv photo

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