A £50million investment ‘milestone’ has been reached by a fund which helps businesses to grow, backed by D2N2 and its fellow Midlands Local Enterprise Partnerships.
The £250million Midlands Engine Investment Fund (MEIF) was officially launched in February 2018.
It has now invested 20%, or £50million, of its total fund in more than 150 small and medium-sized enterprises (SMEs), in the Midlands region.
An event held at the Leicester Tigers‘ Welford Road Stadium last night (June 18) to mark the funding milestone was attended by members of the Midlands business community; as well as Communities Secretary and Ministerial Midlands Engine Champion, James Brokenshire MP. Pictured at the event are (L to R) Patrick Magee, Chief Commercial Officer at British Business Bank (BBB); Communities Secretary and Ministerial Midlands Engine Champion James Brokenshire MP; and Grant Peggie and Ken Cooper, respectively Director and Managing Director at BBB’s Venture Capital Solutions.
The MEIF is a joint initiative by the British Business Bank; the Department for Business, Energy and Industrial Strategy; the Ministry of Housing, Communities and Local Government; and Midlands Local Enterprise Partnerships (LEPs), including the D2N2 LEP. The MEIF’s £250million in resources is made up of Government, British Business Bank and European Investment Bank (EIB) funding; and European Union funding drawn from European Regional Development Fund (ERDF) money previously allocated to LEPs. Up to £78.5m in MEIF funds will come from the Midlands LEPs, including £11.75m from the D2N2 LEP.
Investments from the MEIF are made through six appointed fund manager companies; with applicant businesses able to access debt and equity investment of between £25,000 to £2million, to help support their expansion plans.
James Brokenshire MP, Communities Secretary and Ministerial Midlands Engine Champion, said: “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, Chief Commercial Officer at the British Business Bank, said: “The Midlands Engine Investment Fund was set up to address a market gap in finance available to SMEs across the region. Investment can often be crucial in allowing firms to explore emerging opportunities and expand, without it growth stalls.
He added: “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.”
Nottingham-based life sciences company Locate Therapeutics, which develops regenerative medicines, was the first investment by the Midlands Engine Investment Fund, in May 2018. Others firms in the D2N2 area (Derby, Derbyshire, Nottingham and Nottinghamshire) have followed, as part of the LEP’s commitment to promoting economic and business growth.The MEIF will continue to invest in firms until 2023.
For more information on the Midlands Engine Investment Fund, including how business can apply for funding help, see its website at www.meif.co.uk
Media wanting more information about the D2N2 LEP can contact Sean Kirby, D2N2 Communications Manager, on 0115 9578749 or email: sean.kirby@d2n2lep.org
