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East Midlands firms start to see benefits from the Midlands Engine Investment Fund

31 January 2019

The £250 million Midlands Engine Investment Fund (MEIF) has so far supported investment of £25 million in the region’s businesses.

The £25 million invested, which includes £10 million of private sector funds alongside finance from the MEIF, has supported over 100 businesses, ranging from early stage technology start-ups to established manufacturing firms.

The Fund aims to transform the finance landscape for smaller businesses in the Midlands and to realise the region’s potential to achieve economic growth through enterprise.

Local businesses will get the opportunity to learn more about the Fund’s investment in Leicester and Leicestershire at the next Leicestershire Business Voice event on 22 February 2019.

The event, ‘Investment in Leicestershire’, will explore the impact of the MEIF so far and how activity under its brand adds value to the work of LEPs, local authorities and others.

Delivered by the Government’s British Business Bank, the MEIF forms part of a wider initiative to grow the region’s business community and local economy.

Jane Cowley, Chair of LBV said: “It’s encouraging to see acknowledgement at government level of how a strong East Midlands region is essential to a successful Industrial Strategy.”

Rt Hon James Brokenshire MP, Communities Secretary and Ministerial Midlands Engine Champion, said: “The Midlands is home to a huge number of innovative and creative businesses, and schemes like the Midlands Engine Investment Fund are helping them grow.

“A thriving Midlands Engine is vital to our modern Industrial Strategy which is why we are backing business in the region to create high-value jobs for the long-term.

“I am determined the Midlands becomes an even better place to live and work, helps deliver an economy that works for everyone and harnesses the opportunities presented by leaving the European Union.”

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 £250 million fund offers equity and debt investment between £25,000 to £2 million.

Commenting on the milestone, Ken Cooper, Managing Director at British Business Bank, said:

“The diverse nature of firms supported so far has been a key achievement for the Fund, from trailer manufacturers to university spin outs developing stem cell treatments, all receiving the finance they need to grow their businesses. This journey is only just beginning though, and we encourage businesses from across the region to enquire to see how an MEIF investment could support their ambitions.”