Published: Feb 29, 2024
Focus:
MEIF II Debt Finance East and South East Midlands
The British Business Bank is launching its £400 million Midlands Engine Investment Fund II today, unlocking additional funding to help smaller businesses in the Midlands prosper and thrive. MEIF II operates across three tiers: smaller loans (£25,000 - £100,000), debt (£100,000 - £2 million) and equity (up to £5 million). It aims to tackle identified funding gaps across the Midlands and increase the supply and diversity of finance for smaller businesses in order to drive sustainable economic growth.
Maven will manage an initial £46 million debt fund (MEIF II - Debt Finance East and South East Midlands) which can provide loans between £100,000 to £2 million, thereby driving sustainable economic growth by supporting growing businesses across the entirety of the Midlands.
"We are thrilled to be appointed as the Fund manager for the East and South East Midlands Debt Finance, part of the new £400 million Midlands Engine Investment Fund II. The new Fund underscores our commitment to supporting the growth and development of SMEs across the Midlands. Through MEIF II, we continue to address funding gaps and provide growth capital to innovative businesses, driving sustainable economic growth and job creation across the region."
Jonathan Lowe, Partner Regional Debt Funds
The Midlands Engine Investment Fund II aims to build on the success of the inaugural Midlands Engine Investment Fund, a £300 million fund that has already supported 739 smaller businesses since its launch in 2017. Maven manged the MEIF Maven Debt Finance Fund, launched in 2018, and recently announced its 100th loan, supporting 100 SMEs with growth capital, investing over £45 million and creating over 650 jobs across the region.
The new Fund will help hundreds of businesses to achieve their potential and further increase the supply and diversity of early-stage finance by providing options to firms that might otherwise be unable to secure investment. Funding is designed to help smaller businesses with activities including expansion, product or service innovation, new processes, skills development and capital equipment.
“Small businesses are at the heart of The Midlands’ economy. Since launching in 2017, the first Midlands Engine Investment Fund has so far created more than 4,000 jobs across the region by backing 739 smaller businesses, boosting the region’s productivity by 70%.
“The first Midlands Engine Investment Fund provided a blueprint for how we can support entrepreneurs and founders, whoever they are and wherever they are in the region, to access the funds and support they need. This new fund will allow us to continue supporting business owners across the Midlands, whether they’re at the start of their journey or are already running an established firm.
“Promoting growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are is one of the Bank’s strategic objectives, and vital to unlocking the full potential of the UK’s smaller businesses.”
Louis Taylor, CEO at British Business Bank
Maven has a long standing presence in the Midlands with a large and experienced team of investment executives serving the business community across the region from offices in Birmingham and Nottingham. Key members of Maven’s MEIF II team include Jonathan Lowe, Richard Altoft, Richard Brighty, Sajid Sabir, Michelle Pownall, Adam Clarke and Deborah Brown.
Maven has a strong track record in managing other UK regional funds for the British Business Bank, including the recently launched South West Investment Fund and the Investment Fund for Scotland, designed to boost productivity, innovation and jobs across those territories. The new mandates mean Maven manages a diverse range of regional growth funds across the United Kingdom, able to back emerging businesses stretching from Shetland to Cornwall.
