120m of debt finance and organization loans launched together with wider 250m Midlands Engine Investment Fund
- Fund launched alongside new report on state of Midlands economy
- Report highlights potential of Midlands’ business owners drive an automobile regional growth
?The British Business Bank has today announced the earliest wave of their 250m Midlands Engine Investment Fund, while using launch of 120million property value SME debt finance, inside a move designed to provide greater support to the region’s small business owners, accelerate economic growth and promote job creation C good Government’s Midlands Engine Strategy.
The fund’s launch has been marked using the publication associated with a new list of the prevailing state of your regional economy and funding landscape. Spotlight: The Midlands Engine Investment Fund, draws around the British Business Bank’s own research together with other publicly-available data. It highlights the opportunities for ambitious, fast-growth businesses throughout the Midlands Engine method to reach their economic potential.
The report highlights what sort of MEIF will unlock the possibility of the region’s small establishments, while detailing the actual economic strengths and parameters from the region:
- The Midlands economy contributes 13% within the UK’s economic output
- 14% of all high-growth companies are found in the region
- Five-year business survival rate is higher within the East and West Midlands versus London
The Midlands Engine Investment Fund may play a crucial role in fuelling regional growth. It is the result of close collaboration relating to the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Department for Communities and Local Government and 10 Local Enterprise Partnerships (LEPs) during the East & East Midlands and West Midlands. It brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB).
The 120million fund is made up of two separate lots C 30million of business loans priced at 25,000 to 150,000, and 90million of debt finance worth 100,000 to 1.5million. The 120million fund belongs to a wider 250million commitment, with further funding to be made easily obtainable in due course.
Sajid Javid, secretary of state for communities and local government and Midlands Engine Ministerial Champion said: “The investment fund is often a key part in our Midlands Engine Technique to help create more jobs and boost skills in the area. This financial support will enable small businesses to progress, move your stuff in to new markets and boost productivity.”
Greg Clark, secretary of state for business and industrial strategy,? commented:”The UK is actually a world leader running a business and innovation. That’s why we desire all corners of the country to see the advantages of enterprise, growth and jobs put together by new business organisations. The Midlands Engine Investment Fund is a vital part your modern Industrial Strategy, which assists entrepreneurs across the thriving Midlands region access the funding and support you have to start, grow and get their future.”
Patrick Magee, Chief Commercial Officer with the British Business Bank said: “The MEIF can play a pivotal role in plugging inside the gaps currently obtained in small business funding landscape, making sure every business get the finance they should be grow. Currently, younger small establishments and the planning to scale up, ab muscles companies that hold the greatest possibility of job creation, will probably their own personal applications for external finance rejected. You want to mobilise these companies, supporting organisations of varying sizes and stages of development throughout the Midlands.”
For more information on the best way to access finance in the MEIF and so on the nature of available funds, go to MEIF Website. The British Business Bank’s latest Spotlight Report, that provides an overview of the Midlands business landscape is available here.
The Midlands Engine Investment Fund project is supported financially from the Eu using funding from your European Regional Development Fund (ERDF) during the European Structural and Investment Funds Growth Programme 2014-2020 as well as the European Investment Bank.