The Midlands Engine Investment Fund (MEIF) has now supported over 400 growing businesses, fuelling regional innovation and creating new jobs.
As a collaboration between the British Business Bank and 10 Local Enterprise Partnerships (LEPs) across the West, East and South East Midlands, we’re delighted to update you on the fund’s progress in improving access to finance for smaller businesses in the region.
The MEIF continues to support investments in businesses across a broad range of sectors, including manufacturing, medical technologies, life sciences, transport and sustainable energy. In this latest update, we highlight two investee businesses – ReadyGo Diagnostics and Zero Point Eight – demonstrating how MEIF finance can be used for expansion and developing new products.
To better understand the impact of MEIF, we also speak with Alun Rogers, chairman of SSLEP, as well as Sajeeda Rose, outgoing CEO at D2N2 LEP. Both provide their insight as part of a new LEP perspective interview series, discussing the strengths of their respective business communities, the recovery from Covid-19, as well as the role of access to finance in driving both business and regional economic growth.
Data from the British Business Bank’s Small Business Equity Tracker 2021 showed that in 2020, MEIF invested in 25% of all announced equity deals in the Midlands – increasing from 20% in 2019. With over 550 investments completed and more than £240m deployed, including additional private investment, the MEIF is now in a firm position for the next phase of its development.
We hope this update demonstrates how, with the help of our partners, we are working to ensure Midlands’ businesses have access to the finance they need to grow, innovate and create jobs.
Find out more on funds available here.