What is the Midlands Engine Investment Fund?
The Midlands Engine Investment Fund (MEIF) is funded by the European Regional Development Fund, UK government and Local Enterprise Partnerships. The initiative has been launched by the government-owned British Business Bank, in collaboration with ten Local Enterprise Partnerships (LEPs) in the Midlands.
MEIF will provide a total of over £250m of equity and loans to boost small and medium business (SME) growth in the Midlands. It is a key part of the government’s vision aimed at boosting the region’s economy and supporting the growth of smaller businesses.
There are four different funding options to help grow companies, designed to plug common gaps in the provision of finance:
Small business loans: provision of microfinance (from £25k - £150k)
Later-stage debt: provision of business loans (from £100k - £1.5m)
Proof-of-concept: provision of early-stage equity funding (up to £750k)
Equity: provision of equity funding (up to £2m)
The government firmly believes that SMEs form the foundation of the region’s future growth. MEIF therefore aims to nurture regional entrepreneurship by providing investment and support for small businesses. MEIF’s funding will support new and growing SMEs, create jobs and encourage and attract additional private sector investment.
MEIF combines the LEPs’ knowledge of local businesses and economic conditions with the experience and resources of the British Business Bank as the government’s centre of expertise in small business finance markets.
View the MEIF website here.