Latest round of Midlands Engine Investment Fund offers up 100m of equity finance
The latest round of the Midlands Engine Investment Fund will seek to redress the regional imbalance in the availability of equity finance for small businesses.
The British Business Bank has announced the latest wave of its 250m Midlands Engine Investment Fund (MEIF). Up to 100m of equity finance will be made available to small businesses across the West, East and South-East Midlands.
MEIF was initially announced by former chancellor George Osborne in the 2016 Spring Budget, but it suffered several setbacks, including problems with the procurement process for awarding contracts, which led to delays. The first wave was eventually announced in August last year.
The BBB will work with the region’s ten Local Enterprise Partnerships, fund managers, and the business community to create funding opportunities for Midlands businesses.
Sajid Javid MP, housing secretary and ministerial champion for the Midlands Engine, said: The Midlands Engine already boasts over 14 per cent of the UK’s high-growth businesses and its economy is worth more than 230bn? larger than countries like Denmark.We want to harness its huge potential and help give small firms across the Midlands thatmuch-neededboost 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, British Business Bank, said: The launch of the Midlands Engine Investment Fund’s equity finance will help to grow the region’s access to funds to support its economic potential and collective talent. I encourage Midlands businesses looking to take the next step in their growth journey to connect with our three Fund Managers to see how equity finance could benefit them.”
Letitia Booty is a special projects journalist for Business Advice. She has a BA in English Literature from the University of East Anglia, and since graduating she has written for a variety of trade titles. Most recently, she was a reporter at SME magazine.
Rising house prices in London are causing a mass exodus? of digital entrepreneurs from the capital, according to a new report, as regional tech hubs tempt startups with cost-effective alternatives. more»
HS2 will give businesses in the North of England and Midlands the vital infrastructure links required to mount a challenge on London's economy, according to a new report into the UK's high speed rail network. more»