The £250m Midlands Engine Investment Fund is financed by the European Regional Development Fund, the British Business Bank, the European Investment Bank and the United Kingdom government and is a collaboration between the British Business Bank and ten Local Enterprise Partnerships.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.
The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund.
Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
The European Investment Bank (EIB) is the EU Bank. Its shareholders are the 27 Member States of the Union, which have jointly subscribed its capital.The EIB supports the EU’s policy objectives in various ways, including stimulating investment by small and medium sized businesses.
The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting over 51,000 businesses, working through its 100 finance partners. Its programmes support over £3.2bn of finance to UK smaller businesses and participate in a further £4.6bn of finance to UK small mid-cap businesses.
British Business Financial Services Limited manages delivery of MEIF. British Business Financial Services Limited will monitor performance carefully to ensure that MEIF achieves its maximum economic impact and leaves a lasting legacy for the Midlands.
British Business Finance Limited provides a loan to be matched by funding from the European Investment Bank in order to unlock additional funding for MEIF.
Department for Business, Energy & Industrial Strategy
The Department for Business, Energy and Industrial Strategy brings together the responsibilities for business, industrial strategy, science, innovation, energy, and climate change. The Department is responsible for developing and delivering the Government’s vision for an ambitious industrial strategy, and continuing to ensure that the UK remains at the leading edge of science, research and innovation. The Department leads the Government’s relationship with business, and is responsible for improving corporate governance and securing better outcomes for consumers. We also make sure that the UK has secure energy supplies that are reliable, affordable and clean and take action to tackle climate change, working in partnership with the business community.