If you are an SME* located in the Midlands – West Midlands and East and South East Midlands, the Midlands Engine Investment Fund (MEIF) could provide the funding you need to help your business realise its potential.
MEIF is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East and South East Midlands and provides commercially focussed finance to help SME’s start -up and grow.
MEIF combines £250 million of funding from the UK Government, European Regional Development Fund, British Business Bank and European Investment Bank to help businesses in the region to scale-up and become a successful part of the government’s Midlands Engine vision.
We offer three different funding options designed to plug gaps in the provision of commercially available finance, ranging from £25,000 Loans to £2million Equity Investments.
Investment from MEIF-supported product funds is open to a wide range of sectors from early stage innovative businesses through to manufacturing and creative and digital industries. If you can demonstrate growth potential, your business may be eligible. **See below for exceptions
* An SME is a business employing fewer than 250 employees, with an annual turnover of less than 50m Euros or balance sheet net assets of less than 43m Euros. The business cannot be part of a larger group employing more than 249 employees and where the group owns at least a 25% share of the business.
** MEIF-sourced funding cannot be used to invest in businesses in the following sectors: property development, ship building and agriculture. In addition it cannot be used re-finance existing commercial borrowing or help failing businesses.
PROOF OF CONCEPT
• Early stage and later stage equity funding
• £50,000 – £2million
• For established businesses with ambitious plans or large start-ups with high growth potential
• Later stage equity funding
• Up to £2million
WHO CAN APPLY To be eligible for funding from an MEIF-support product fund, an SME must have a material part of its operations, staffing or trading based in the MEIF area (or plan to establish such a presence within 2 years.
Eligible businesses may include:
Early stage companies
Fast-growing small businesses
Small businesses looking to relocate in the North of England
Businesses unable to source funding from banks or investors
MEIF’s appointed Fund Managers will be able to provide more detailed guidance on eligibility for funding.
WHY APPLY MEIF’s product funds can provide funding options that can boost your business needs, for example by: