Sector Focus
Finance £40m investment fund unlocked
The Midlands Engine Investment Fund (MEIF) has made £40m available to the region’s small businesses for investment purposes. In addition, The FSE Group, has
been appointed to manage the new funding. The Surrey-based company has the authority to invest between £100,000 and £1.5m in individual businesses in the West Midlands. The MEIF is a collaboration
between the government-owned British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East and South East Midlands. The fund is backed by European
Union funding – guaranteed by the UK Government until the end of 2020 – and has so far provided more than £250m of investment to boost small and medium business (SME) growth in the Midlands. Some 225 SMEs have already
Patrick Magee: Strong progress
received finance from the fund. Local Government minister Robert Jenrick, who is also the Government’s Midlands Engine Champion, said: “As someone who grew up in the Midlands and is now fortunate enough to represent a Midlands constituency in Parliament,
I’m very proud to be the Midlands Engine Champion in Cabinet. “The region is home to some of
the world’s most innovative businesses and dynamic entrepreneurs. Thanks to this further £40m being made available through the Midlands Engine Investment Fund, more businesses in the Midlands will be able to secure the backing they need to develop their ideas, grow their companies and create more well- paid local jobs. “Opening up further investment opportunities for local businesses is just one of the ways that this new Government is putting the Midlands at the heart of our plans to level up all parts of the country and create prosperous communities.” Patrick Magee, chief commercial
officer at the British Business Bank, said: “Since launch, the MEIF has committed to improving the regional finance landscape for small businesses. We have made strong progress, providing over 225 businesses with finance. Adding a new fund manager will help us continue delivering on this mission as we help to support driving the Midlands Engine forward.”
Advance Credit Union Ltd • 200 Sutton New Road Erdington • Birmingham • B23 6QU
T: 0121 663 6390 • E:
business@advancecu.org.uk www.advancecu.org.uk/chamber
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74 CHAMBERLINK March 2020
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