Midlands Engine Investment Fund reaches £50m milestone
Over the year since the launch of the Midlands Engine Investment Fund £50million has been injected into the region’s firms.
The milestone was revealed at the MEIF’s anniversary event on Tuesday and has involved making more than150 investments in firms located across the Midlands and includes £19m of private sector leverage.
The £250m fund, which is operated by the Government’s British Business Bank, has provided finance to a wide range of firms and the most active sector to receive investment has been manufacturing.
Other key areas include agri-tech, life sciences and transport technologies.
Boosted by initiatives such as the MEIF, finance in the Midlands is becoming more accessible.
The anniversary event which was held at the Leicester Tigers' Welford Road Stadium was attended by more than 150 members of the Midlands business community, as well as Communities Secretary and Midlands Engine champion James Brokenshire.
Mr Brokenshire said: “As Midlands Engine champion in Cabinet, I am determined the Midlands should harness its full potential and be at the heart of an economy that works for everyone. A community where businesses and people can thrive, through well-paid jobs, high standards of living and greater economic growth are at the very core of our ambitions for people in this area.
“An invigorated Midlands Engine is pivotal to our Modern Industrial Strategy. This is why it’s an enormous pleasure to celebrate the contribution the Midlands Engine Investment Fund continues to make in supporting SME businesses to grow, boost the area’s productivity and make the Midlands an even better place to do business.”
Patrick Magee at the British Business Bank, said: “The Midlands Engine Investment Fund was set up to address a market gap in finance available to SME’s across the region. Investment can often be crucial in allowing firms to explore emerging opportunities and expand, without it growth stalls.
“By hitting this milestone, only months after passing the £25m mark, we are reaffirming our commitment to Midlands’ businesses, providing much needed investment and helping many fulfil their growth ambitions.
“Through our six fund managers, strong network of LEPs and the private sector, we have fostered a real sense of regional collaboration. This has been pivotal to the success of the MEIF and will continue to play an important role as the Fund achieves new milestones in the future.”
Investments from the MEIF are made by one of six appointed fund managers working across the East and South-East Midlands and West Midlands and supported by a network of local enterprise partnerships. The £250m fund offers debt and equity investment between £25,000 to £2m.
The fund project is supported financially by the European Union using funding from the European Regional Development Fund and the European Investment Bank.