The Midlands Engine Investment Fund (MEIF) has made £40m available to invest in the region’s small businesses and appointed a new fund manager.
MEIF is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East and South Midlands.
Combining funding from LEPs, the European Regional Development Fund, and the European Investment Bank, it provides business support and investment to boost small business growth in the Midlands.
MEIF provides commercially focussed finance through small business loans, debt finance, proof of concept and equity finance funds.
It 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.
The FSE Group will manage the newly launched £40m debt fund, with the capability to invest between £100,000 and £1.5m in businesses based in the West Midlands and East and South East Midlands.
Forming the latest phase of investment released by the MEIF, the £40m of finance brings the number of MEIF funds to eight, with the FSE Group set to work alongside six existing fund managers.
The FSE Group is an independent not-for-profit Community Interest Company (CIC), with a number of subsidiary companies to deliver its funds and services. Its primary goal is to provide tailored funding solutions and support for ambitious and innovative SMEs, to help them achieve their maximum potential.
If your business is located in the Midlands and you are looking to scale up find out if it is eligible for funding by visiting the Midlands Engine Investment Fund website here: https://www.meif.co.uk/