Share of more than £100m awarded to Black Country businesses following fund launch
More than £100 million has been awarded to over 200 businesses across the region following the launch of a new capital fund two years ago.
The landmark has been surpassed by the second round of the Midlands Engine Investment Fund (MEIF) which launched in February 2024.
The fund, which is owned and operated by the Government's British Business Bank, has so far directly invested more than £65 million into Midlands businesses, alongside an additional £38.6 million from the private sector.
Among those Black Country businesses which have received funding is Wolverhampton-based Midland Cold Rolled Sections, a metal fabrication company that secured £50,000 funding at the end of last year to purchase new equipment and expand its operations.
The company works with steel, aluminium and other malleable materials, providing specialist cold rolled sections and profiles to many industries across the UK.
The company purchases all its materials locally in the Black Country, resulting in additional growth in the local supply chain.
Also winning backing was Ace Embroidery which last summer received £25,000 to help it relocate to new premises in Cradley Heath.
The funding has allowed Ace Embroidery to move to a greener, more fit-for-purpose warehouse unit that will support the long-term growth of the business.
Established as a family business in 1987, Ace Embroidery is a supplier of embroidered, printed and engraved promotional products such as clothing, printed bags and mugs to companies and organisations such as schools and clubs.
The MEIF is part of the British Business Bank's £1.6 billion suite of Nations and Regions Investment Funds which aim to increase the supply and diversity of early-stage finance for UK smaller businesses.
Keira Shepperson, senior director of regional funds at the British Business Bank, said: "The Midlands Engine Investment Fund II plays a central role in backing the region's most ambitious firms with high growth potential.
"With £100 million invested so far, more than 200 of the region's firms are already feeling the impact access to funding can have on their scaling journeys.
"This second anniversary milestone is a powerful testament to the innovation, ambition and strength of entrepreneurship across the Midlands and it is just the beginning.
"The region is home to innovative firms with the talent and drive to scale and we look forward to working with more of them."
