FINANCE
Opportunities to grow with the Midlands Engine
Patrick Magee
The East Midlands has a dynamic and growing economy. Fuelled by the energy of a buoyant start-up scene and the sustainability of more established businesses, the region has the potential to make a leading contribution to the development of UK plc. Last year, the East Midlands
reported a higher five-year business survival rate (41.9%) than London (39.3%). In the same year, the wider Midlands came only second to the capital for business start-ups and is now home to 14% of the UK’s high-growth firms. While these figures present a
positive outlook, growth in employee numbers has been slower in the East Midlands than other parts of the country. If the region is to continue its upward trajectory
Patrick Magee is Chief Commercial Officer at the British Business Bank, which operates the £250m Midlands Engine Investment Fund, supported by the European Regional Development Fund. He reflects on the potential of start-up and scale-up businesses and the finance options available to help these firms with their ambitious growth plans.
and attract, retain and support a growing workforce capable of pursuing expansion plans and driving future growth, businesses need to explore the possibility of investment to secure their scaling ambitions. In August, the British Business
Bank announced the first wave of its £250m Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund, with the launch of £120m-worth of debt finance. The fund has been designed to provide greater support to the region’s smaller businesses and accelerate economic growth – in line with the Government’s Midlands Engine Strategy. One of the central focuses of the MEIF is to engage with and
‘The fund has been designed to provide greater support to the region’s smaller businesses and accelerate economic growth’
encourage organisations to unlock further employment and contract opportunities. The £120m fund is composed of
two separate lots – £30m of small business loans ranging from £25,000 to £150,000, as well as £90m of debt finance from £100,000 to £1.5m. This first tranche is part of the wider £250m commitment to the region, with further funding to be made available early next year. The British Business Bank has
appointed regional fund managers. In the East and South-East Midlands, these are:
• Maven Capital Partners (£40m fund) – offering debt finance options between £100k - £1.5m
• Enterprise Loans East Midlands (£13m fund) – offering small business loans between £25k - £150k
The MEIF is the result of close
collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy (BEIS), the Department for Communities and Local Government (DCLG) and ten Local Enterprise Partnerships (LEPs).
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business network December 2017/January 2018 61
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