Investment fund reaches £25m milestone
The £250 million Midlands Engine Investment Fund announced it has reached a new milestone of funds invested in the region’s businesses. The £25 million so far invested includes £10 million of private sector funds alongside finance from the MEIF – supporting 100 businesses ranging from early stage technology start-ups to established manufacturing firms.
Fully launched in late February 2018, the fund aims to address regional imbalances in finance available to Midlands businesses. Research from the British Business Bank in its Small Business Finance Market Report reported that only four per cent of equity finance deals completed in 2017 were in Midlands firms – demonstrating a need to make finance markets work better for small and medium-sized firms across the MEIF region.
Communities Secretary and ministerial Midlands Engine Champion James Brokenshire said: “The Midlands is home to a huge number of innovative and creative businesses, and schemes like the Midlands Engine Investment Fund are helping them grow.
“A thriving Midlands Engine is vital to our modern Industrial Strategy which is why we are backing business in the region to create high-value jobs for the long-term.
“I am determined the Midlands becomes an even better place to live and work, helps deliver an economy that works for everyone and harnesses the opportunities presented by leaving the European Union.”
For further information in MEIF go to https://www.meif.co.uk.| Tuesday 28 May, 2019