Maven completes 100th loan via the Midlands Engine Investment Fund
We are delighted to announce that our Birmingham and Nottingham based investment teams have completed their 100th loan, via MEIF Maven Debt Finance, as they continue to back local businesses to enable them to unlock their growth potential. Maven has now provided over £43 million of debt finance to companies of all shapes and sizes across the length and breadth of the Midlands.
The Midlands Engine Investment Fund, which is supported by the European Regional Development Fund, is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East & South East Midlands. It was established to support the growth aspirations of companies that can contribute to regional economic development, job creation and innovation.
Maven was appointed to manage the £90 million MEIF Maven Debt Finance fund in 2017 and since then our team have been providing flexible debt funding solutions to ambitious businesses across the region.
The Midlands has historically been a key driver for UK economic growth and a hotbed for growing small businesses. Achieving the milestone of 100 loans demonstrates the need for this type of debt finance, and the breadth of established, cash generative small businesses that currently exist, ready to take on finance to grow their business.
Jonathan Lowe, Investment Director at Maven
Businesses who have benefitted from MEIF funding include; You.Smart.Thing, an innovative travel assist management platform who have since successfully secured a number of new public and private sector contracts; Global advanced fleet software provider Chevin Fleet Solutions who have been able to push forward with their expansion plans and redevelop its flagship SaaS platform ‘Fleetwave’; and specialist plastic and metal injection moulding firm H.P.M who have been able to invest in its facilities and make several new appointments across its team.
Maven’s latest investment milestone shows the scale of the MEIF’s commitment to improving access to finance across the Midlands. Through close working with our regional partners, including LEPs, growth hubs and intermediaries, the MEIF and its fund managers are enabling more businesses to secure finance and unlock new growth.
Grant Peggie, Director at the British Business Bank