Funding. News - 30 March 2021

Midlands Engine Investment Fund hits £100 million milestone

The Midlands Engine Investment Fund (MEIF), supported by the D2N2 LEP, has reached a significant milestone of investing £100 million in the region’s small businesses.

The milestone was reached by the Fund after making 481 investments in 350 businesses located in the West Midlands and East and South East Midlands.

An additional £90 million of private sector leverage has also been secured as a result of the MEIF’s investments to date. This follows the Fund regularly unlocking additional funding rounds and investing with other traditional and private investors in supporting small businesses across the Midlands.

The £250 million Fund was launched by the Government’s British Business Bank in 2017 with an aim of improving the finance landscape for smaller businesses in the Midlands.

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. The D2N2 ERDF contribution to MEIF is £11.75m.

MEIF funding breakdown

  • £100 million invested, with an additional £90 million of private sector leverage
  • 481 investments in 350 small businesses
  • 809 jobs created
  • Funds delivered:
    • Debt Finance – £44 million
    • Equity Finance – £29 million
    • Small Business Loans – £15 million
    • Proof-of-Concept – £12 million

The most active sector to receive investment from the MEIF has been manufacturing, with 113 investments totalling £21 million. Other key funding areas include businesses specialising in medical technologies, life sciences, transport and sustainable energy.

A valuable route for SMEs in the region to access finance

Sir John Peace, Chairman of the Midlands Engine, said:

“The resilience and agility of our regional economy is strongly linked to the significant population of SMEs in the Midlands. They are the lifeblood of our region’s creative ingenuity and entrepreneurial spirit. But SMEs in particular have felt the full brunt of the challenges of the last 12 months. So now, more than ever, they need confidence, clarity and certainty about the future, along with access to finance, to help them grow and realise their potential.

“This £100 million milestone of investment in our SMEs shows how powerful the Midlands Engine Investment Fund has been; an extremely valuable route through which regional firms can access the finance they need for growth. Demand has been consistently strong for MEIF and its impact has been high, enabling firms to improve workforce skills, increase R&D investments and move many more products towards commercialisation.”

Commenting on the milestone, 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 the finance available to small businesses in the region. Access to finance can be critical in enabling businesses to explore new opportunities and expand. Without it, business growth stalls.

“The British Business Bank and MEIF has continued to support Midlands’ businesses during the Covid-19 pandemic, delivering much needed finance and helping many to navigate the accompanying disruption, while still fulfilling their ambitions.”

Jon Corbett, Chair of the Strategic Oversight Board, added:

“Through our seven fund managers, network of Local Enterprise Partnerships, intermediaries and other partners, we have fostered a real sense of regional collaboration. This has been pivotal to the £100 million delivered to date and will continue to play an important role as the Fund transforms the finance landscape for small businesses across the Midlands.”

Investments from the MEIF are made by seven fund managers working across the West Midlands and East and South East Midlands and are supported by a network of Local Enterprise Partnerships. The Fund offers debt and equity investment between £25k to £2 million.

Latest News & Events

19 July 2024

Local business support boosted with launch of Early Stage Angel Investment Fund

Read Article

21 June 2024

Spotlight on our Board: Scott Knowles, Chief Executive, East Midlands Chamber, on the D2N2 LEP transition and East Midlands devolution

Read Article

11 June 2024

The D2N2 LEP staff team joins the East Midlands Combined County Authority (EMCCA)

Read Article

07 June 2024

Becky Rix, Marketing Director at Roadgas, explains why Roadgas is a proud member of the East Midlands Hydrogen Consortium

Read Article

05 June 2024

Spotlight on our Board: D2N2 LEP Board Member Natasha Johnson, Director of Partnerships at Global Entrepreneurs UK

Read Article

05 June 2024

Free Expert Business Advice and Support available through East Midlands Chamber’s Accelerator Programme

Read Article

03 June 2024

Spotlight on our Board: D2N2 LEP Board Member Professor Edward Peck CBE, Vice-Chancellor and President, Nottingham Trent University

Read Article

24 May 2024

Focus on the East Midlands: our time is NOW!

Read Article

24 May 2024

D2N2 LEP CEO, Will Morlidge, shares our East Midlands Hydrogen ambitions at UKREiiF

Read Article

24 May 2024

East Midlands Freeport and Freeport East Sign Green Freight Corridor Initiative at UKREiiF

Read Article

Get in touch.

Subscribe to our newsletter

Sign up
Address

D2N2 Local Enterprise Partnership
8 Experian Way
Nottingham
Nottinghamshire
NG2 1EP

Social

Our Partners