£400 Million to Support Midlands SMEs in 2024
A big financial boost is on the horizon for businesses in the Midlands. The British Business Bank is getting ready to introduce a £400 million investment fund in early 2024. This fund, known as the Midlands Engine Investment Fund II (MEIF II), is aimed at helping small and medium-sized businesses (SMEs) in the region. It’s all about supporting economic growth and innovation.
This new fund follows the success of the Midlands Engine Investment Fund, which started in 2017. It has already done a lot to help local businesses, encourage regional growth, and promote innovative ideas. Since its beginning, the first fund has put more than £200 million into the Midlands. It has also helped create over 2,370 jobs in nearly 600 local businesses. The fund’s impact is even more impressive when you consider that it encouraged private sector investment of £301 million.
MEIF II is part of the bigger Nations and Regions Investment Funds project. This project is all about helping businesses by providing different kinds of funding. It’s designed to help businesses grow and get access to finance more easily. Ken Cooper, who leads Venture Solutions at the British Business Bank, said that MEIF II will be a boost for the Midlands. It will provide important funding to businesses that are ready to grow. The fund will offer different types of support, like small loans, debt funding, and equity investment.
The process to find fund managers for MEIF II has begun. The fund managers will be chosen by the end of 2023, and the new fund is planned to start in Spring 2024. This launch will help strengthen the Midlands’ reputation as a place for new ideas and businesses. It will lead to more jobs, long-term growth, and new products.
Further reading: British Business Bank