The Midlands Engine Investment Fund (MEIF) Debt Funds (including Small Business Loans) were officially launched in August 2017, with further Equity Funds being released in due course.
MEIF is a collaboration between the government-owned British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East & South East Midlands and provides commercially-focused finance to help SMEs start up and grow. It combines £250m of funding from the UK Government, European Regional Development Fund, British Business Bank and European Investment Bank to help businesses in the region to scale-up and become a successful part of the government’s Midlands Engine vision.
The Midlands Engine Investment Fund will produce greater levels of investment, increase the focus on the potential opportunities across the Midlands Engine regions and provide increased flexibility in the type of funding provided. Together these will contribute to better economic outcomes for the regions’ businesses, growth and jobs.
The MEIF consists of four funds;
- A Debt fund of £50m, offering loans of between £100k and £1.5m (live)
- A Small Business Loan fund of £17m, offering loans of between £25k and £150k across the West Midlands (live)
- A Equity Finance up to 2 million (not launched yet)
- Early stage and Proof of Concept up to 750k (not launched yet)
The Equity Finance and Proof of Concept funds are currently at procurement stage and not yet launched. The British Business Bank are aiming for these funds to go live around mid /late November. When all 4 fund managers are in place MEIF events will be held across the Marches area, around January 2018.
For further details, please click HERE
You can find out more about MEIF, including the funds available (debt finance, small business loans, proof of concept and equity finance), news, case studies and upcoming events on the new MEIF website.