Published: Nov 29, 2022
Focus:
MEIF Maven Debt Finance
The Midlands Engine Investment Fund (MEIF) has now invested over £200 million into 595 Midlands-based businesses since its launch in 2017:
- The Fund has made 856 investments into Midlands businesses, creating over 2,000 jobs across the region
- Additional £301 million of private sector investment unlocked by the fund
- Funding supports innovative sustainable companies and improves access to finance in the region
The debt and equity funding options offered by the MEIF have benefitted businesses across the
region and has supported SMEs in the creation of jobs, investment into new products and services and
wider growth opportunities.
The Fund was launched by the British Business Bank in partnership with Local Enterprise Partnerships,
the Midlands Engine and the UK Government, working with selected managers to provide finance across the region, with Maven managing the debt part of the fund across the East, South East and West Midlands. The key aim of the fund is to improve access to finance and the landscape for small businesses in the Midlands.
Businesses in a wide range of sectors benefit from MEIF funding, including its ongoing investment in the region's sustainable development and green technology.
A recent sustainability investment into renewable energy provided debt funding to Nottingham-based
Roadgas, through MEIF Maven Debt Finance, to support the company's growth in supplying further renewable gas refuelling stations across the UK.
Similarly, Birmingham-headquartered I-Phyc received £2.3 million equity funding to support expansion of its nature-based wastewater treatment solutions through the MEIF's Proof of Concept & Early Stage Fund to create new jobs.
“Our partnership with key regional stakeholders including Local Enterprise Partnerships and our fund
managers have played a significant role in reaching this new milestone. Investment by MEIF has been
shown to promote resilience, innovation and productivity in supported SMEs and has helped diversify and strengthen the region's finance landscape. We look forward to continuing this through the next £100m of investment."Ken Cooper, Managing Director at the British Business Bank
“The Midlands Engine Investment Fund provides financing options to smaller businesses with potential in the Midlands. The funding allows businesses to achieve their goals and give entrepreneurs the
opportunity to realise their growth ambitions.
“MEIF funding has helped many SMEs contribute to the wider economic growth of the Midlands and its
wider economic goals through investment to support safeguarding existing jobs, creating new roles,
overcoming challenges faced during the pandemic and helping the region's businesses to reach their full potential.
“While we’re celebrating another milestone, we hope to help many more businesses and entrepreneurs who have innovative and sustainable ideas in the future by breaking down the barriers of access to traditional finance and will allow the Midlands region to continue to prosper.”
Jon Corbett, Chair of Strategic Oversight Board for the Midlands Engine Investment Fund
