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Summary: The Midlands Engine Investment Fund (MEIF) aims to transform the finance landscape for smaller businesses in the Midlands, helping to realise our region’s potential to boost economic growth through enterprise.
A collaboration between the British Business Bank and ten local enterprise partnerships (LEPs) in the Midlands, the MEIF provides commercially focused finance through small business loans, debt finance, proof of concept and equity finance funds.
Max Grant Size (SME): £2,000,000
Funding Type: Innovation Grant
Fund Provider(s): Midlands Engine
Industry: Engines
Created to nurture entrepreneurship and increase access to finance, the current MEIF has invested £142 million into 648 companies since its launch in 2017. This funding has been matched by a further £150 million of additional private sector investment and is forecast to create more than 3800 jobs.
Announced in 2021, the next generation of the MEIF will be allocated £400 million by government, to be delivered by the British Business Bank. This brings the total (current plus next generation) for investment in our region’s ambitious firms to over £700 million. Plus, there is an expectation that this will be matched by private sector co-investors to help boost our region’s innovative and high-growth SMEs.
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