The official launch of the £250million Midlands Engine Investment Fund is being held today (February 22).
MEIF is a Midlands-wide fund aimed at eliminating regional imbalances in business funding, and to enable small and medium-sized (SME) companies to finance expansion ambitions. Information on the MEIF can be found on its website at http://meif.co.uk/
This morning, the MEIF is being formally launched at an event at The Birmingham Repertory Theatre in Broad Street, Birmingham.
Delegates from business, local authorities and other sectors are hearing from speakers including Sajid Javid MP, Secretary of State for Housing, Communities and Local Government; Sir John Peace, Chair of the Midlands Engine and of Midlands Connect; and Patrick Magee, Chief Commercial Officer for the British Business Bank.
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 ten Midlands Local Enterprise Partnerships (LEPs), including the D2N2 LEP.
The MEIF’s £250m 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.
The British Business Bank is making available up to £100million in equity finance from its £250million MEIF to small businesses across the west, east and south-east Midlands. Working with the region’s ten Local Enterprise Partnerships, fund managers, and the business community, the new funding will broaden the funding options and opportunities available to Midlands’ businesses.
The equity funds will join the £120m of loan funds launched in August 2017.
Sajid Javid MP, Housing Secretary and Ministerial Champion for the Midlands Engine, said: “The Midlands Engine already boasts over 14% of the UK’s high-growth businesses and its economy is worth more than £230billion – larger than countries like Denmark.
“We want to harness its huge potential and help give small firms across the Midlands that much needed boost to grow their business. Ensuring every part of the UK can play to its strengths and spread prosperity is central to our Industrial Strategy, and this fund will not only generate jobs to benefit the entire Midlands but, ultimately, the British economy.”
Patrick Magee, Chief Commercial Officer for the British Business Bank, added: “We believe there is a major opportunity to increase the supply of equity finance in the Midlands, and to enhance the growth ecosystem. The British Business Bank already supplies £1.2billion of finance to Midlands’ businesses and the Midlands Engine Investment Fund will provide more in the most needed areas.”
Following today’s launch a series of free MEIF briefing events will be held in each of the ten Midlands’ Local Enterprise Partnership areas, hosted by the British Business Bank and LEPs, to raise businesses’ awareness.
The free event for businesses in the D2N2 LEP area (Derby, Derbyshire, Nottingham and Nottinghamshire) will be held from 8am to 10am on Wednesday March 14, at the Carriage Shop Theatre, The Roundhouse, Roundhouse Rd, Pride Park, Derby (DE24 8JE).
Speakers at this D2N2 area event will include Peter Richardson, Chair of the D2N2 Local Enterprise Partnership; and Ken Cooper, Managing Director of Venture Capital Solutions, part of the British Business Bank.
Businesses will be able to ask a panel questions about the MEIF and how to access growth funding from it.
For more information on this March 14 event and to book online to attend go to web link http://meif.co.uk/event/midlands-engine-investment-fund-derby-briefing-event/
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, the European Investment Bank and the British Business Bank.
For more information on the funding available, please visit www.meif.co.uk
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