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.