Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://edgbaston.com https://www.kangandco.co.uk

Investment Fund reaches £50 million milestone

£50million has been injected into the region’s firms with the support of the Midlands Engine Investment Fund (MEIF).

Revealed at the MEIF’s anniversary event this week, this latest milestone is the result of making over 150 investments in firms located across the Midlands and includes £19.02 million of private sector leverage.

Now over a year since its full launch, the £250million Fund which is operated by the Government’s British Business Bank has provided finance to a wide range of firms. The most active sector to receive investment has been manufacturing. Other key areas include agri-tech, life sciences and transport technologies.

One of the Fund’s latest deals in the West Midlands was a £250k investment in Birmingham-based Rent Chief. The firm which was founded by serial entrepreneurs, Patrick Shuker and Jon Whitmore, is to use the equity finance to launch its online property management platform to the market.

Boosted by initiatives such as the MEIF, finance in the Midlands is becoming more accessible. The latest figures released in the British Business Bank’s Small Business Equity Tracker report show evidence of an increasing amount of investment being made in the Midlands with 41 per cent of equity finance now secured by companies outside the capital, up 7 per cent since 2017.

The anniversary event which was held at the Leicester Tigers' Welford Road Stadium was attended by over 150 members of the Midlands business community, as well as Communities Secretary and Ministerial Midlands Engine Champion, Rt Hon James Brokenshire MP.

Mr Brokenshire said: “As Midlands Engine Champion in Cabinet, I am determined the Midlands should harness its full potential and be at the heart of an economy that works for everyone. A community where businesses and people can thrive, through well-paid jobs, high standards of living and greater economic growth are at the very core of our ambitions for people in this area.

“An invigorated Midlands Engine is pivotal to our Modern Industrial Strategy. This is why it’s an enormous pleasure to celebrate the contribution the Midlands Engine Investment Fund continues to make in supporting SME businesses to grow, boost the area’s productivity and make the Midlands an even better place to do business.”

Patrick Magee, chief commercial officer at the British Business Bank, said: “The Midlands Engine Investment Fund was set up to address a market gap in finance available to SMEs across the region. Investment can often be crucial in allowing firms to explore emerging opportunities and expand, without it growth stalls.

“By hitting this milestone, only months after passing the £25million mark, we are reaffirming our commitment to Midlands’ businesses, providing much-needed investment and helping many fulfil their growth ambitions.

“Through our six fund managers, strong network of LEPs and the private sector, we have fostered a real sense of regional collaboration. This has been pivotal to the success of the MEIF and will continue to play an important role as the Fund achieves new milestones in the future.”

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

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: from left, Patrick Magee (British Business Bank), Communities Secretary and Ministerial Midlands Engine Champion Rt Hon James Brokenshire MP, Grant Peggie (British Business Bank), and Ken Cooper (British Business Bank)

https://www.senatehome.co.uk

Investment fund makes immediate impact

Over £64m invested in businesses in the Midlands

20th May 2020

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 regional director is appointed

Unity Trust Bank welcomes new face to its Midlands team

11th May 2020

New £100m debt fund launched

Support on offer for SMEs that need flexible funding

29th October 2020

Funding package helps young offenders

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

21st January 2021

Wholesaler secures funding boost

Cash will help with cashflow and create three new jobs

20th October 2020

Bright future for Life Sciences

Seal of approval for joint approach

3rd July 2020

Technology firm takes the title

Software experts celebrate being named Business of the Year

9th December 2019

New tenant and expansion at city property

Office space continues to prove popular

13th November 2019

Science park plan receives investment boost

Health and life sciences campus benefits from £14m funding

11th December 2020

Lawyers support children's hospice

Year of fund raising pays off for charity

20th December 2019

Online hub will boost digital collaboration

Community will bring entrepreneurs, technologists and investors together

4th May 2021

Midlands Growth Fund reaches £50 million milestone

More than 80 businesses supported by Barclays-backed scheme

19th March 2019