5th December 2023
The Midlands Engine Investment Fund (MEIF), delivered by the British Business Bank, has achieved a milestone of £250m in direct investment for Midlands businesses.
The debt and equity funding options offered by the MEIF have benefitted 696 small and medium businesses across the Midlands. This has supported smaller businesses in the creation of jobs, investment into new products and services, and wider growth opportunities.
With a focus on supporting local businesses, over the last five years, a total of 1,037 investments were made, directly creating a positive impact on local communities. The investment has catalysed additional private sector funding of £372m, further stimulating economic development.
The manufacturing sector, a cornerstone of economic growth in the region, emerged as the primary beneficiary of MEIF’s investments, having received investments worth £56m.
The MEIF offered accessible funding options and invested £29 million into 375 SMEs through small business loans, £121 million to 238 SMEs in larger loans and £100m in equity investment from proof of concept to scale up funding to 111 SMEs.
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.”
A new £400m investment fund to support the growth of small and medium-sized businesses across the Midlands is on course to be launched in Spring next year. The fund allocation for the Midlands Engine Investment Fund II (MEIF II) will be delivered by the British Business Bank and is part of the new Nations and Regions Investment Funds, which will deliver a commitment of new funding to drive sustainable economic growth, levelling-up of access to finance in the Midlands through debt and equity funds in the region. A total of £1.6 billion has been committed to the new funds to drive sustainable economic growth.
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