Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://www.rudells.com https://www.iscoydpark.com

Investment fund makes immediate impact

Over £64.8 million has been invested into 257 businesses by the Midlands Engine Investment Fund (MEIF), with new data revealing its regional impact released today.

The £250 million fund, which was launched by the Government’s British Business Bank in 2017 to support small businesses in the Midlands, has helped to create 629 jobs, with 37 per cent paying above the UK upper quartile salary of £36,500 a year.

The new data has been released as part of an Early Assessment Report which charts the Midlands Engine Investment Fund’s progress between August 2017 and September 2019. The report was carried out by economic researchers SQW, supported by the Centre for Enterprise and Economic Development Research at Middlesex University, Belmana and BMG Research.

The report has found that the reasons for setting up the MEIF remain robust and highly relevant, spotlighting its impact in improving the delivery of equity finance in the Midlands after supporting 20 per cent of all equity deals in the region. 

Key findings from the report are:

The MEIF is continuing to invest via its seven fund managers throughout the COVID-19 outbreak. A Black Country-based designer and manufacturer of power supply units and battery charging systems is one of the latest businesses to secure a funding boost.

PSU Designs, which has a large design and manufacturing facility in West Bromwich, secured an £85,000 investment from BCRS Business Loans via the Midlands Engine Investment Fund in conjunction with the Coronavirus Business Interruption Loan Scheme.

The fund also recently supported a £1.2 million funding round for Coventry-based Sarissa Biomedical which has developed a potentially lifesaving device for diagnosing strokes.

Communities Secretary and Midlands Engine Champion, Robert Jenrick MP, said: “We recognise that small businesses have faced significant challenges over the last few months as a result of the coronavirus pandemic and we have ensured financial support is available to businesses across the Midlands who are in need of it.

“Our Midlands Engine Investment Fund bolsters and strengthens our great Midlands businesses for the future. As the Midlands Engine Champion in the Cabinet I am delighted that over £64m has now been invested into over 250 businesses. A thriving Midlands Engine is pivotal to the nation’s economy and this Fund will play its role in levelling up the region.”

Patrick Magee, chief commercial officer at the British Business Bank, said: “The last few months have not been easy for small businesses in the UK. This includes the Midlands, where the British Business Bank has already identified a gap in the provision of SME finance. This new report, however, reveals that through the MEIF we are making a positive difference, with the region’s businesses accessing investment to develop innovative products, hire and upskill staff, and most importantly grow.

“The MEIF is key to driving forward the Midlands Engine economy. We are committed to building on the fund’s progress and sustaining strong levels of support; the bank is also operating a range of other initiatives to enable businesses to access finance at this time.”

Jon Corbett, chair of the Midlands Engine Investment Fund’s Strategic Oversight Board, said: “Through our seven fund managers, a strong network of LEPs and intermediaries, we continue to foster a real sense of regional collaboration. This has been pivotal to the impact the fund has made across the Midlands, it will continue to play an important role as the MEIF remains very much open for investment during these unprecedented times.”

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.

Pictured: Patrick Magee, chief commercial officer at the British Business Bank

https://www.shropshirebiz.com

MEIF invests £100m in small businesses

Fund has supported 350 firms across the Midlands

6th April 2021

Tech company secures £500k investment

Birmingham firm bridges languages gaps

2nd June 2020

Boosting business in the region

Midlands Engine Investment Fund (MEIF) improves access to finance

23rd June 2020

New £100m debt fund launched

Support on offer for SMEs that need flexible funding

29th October 2020

New regional director is appointed

Unity Trust Bank welcomes new face to its Midlands team

11th May 2020

Wholesaler secures funding boost

Cash will help with cashflow and create three new jobs

20th October 2020

Funding brings support for SMEs

Unity Trust Bank initiative will help businesses struggling during pandemic

15th May 2020

Engineers take on new apprentices

Training organisation delivers key skills courses

8th February 2021

SME manufacturers call for urgent financial support

Survey reveals sales and production volumes set to fall

4th May 2020

Funding package helps young offenders

Pioneering initiative in Birmingham will help break the cycle of re-offending

21st January 2021

SMEs receive helping hand to bounce back

WMCA and partners host free webinar on advice and grants

28th June 2021

Business leaders pledge to work with Mayor

Partnership approach will help region get back on its feet

10th May 2021

Construction contractor delivers warehouse

Multi-million pound contract is completed

6th November 2020

Flexible financing

Backing SMEs during the most challenging times

26th June 2020

Intervention could save more jobs than furlough scheme

Trade body welcomes Government's decision to guarantee insurance

18th May 2020