MEIF unveils £40m fund for small businesses
Small businesses across the Midlands could be set to receive a significant funding boost after the Midlands Engine Investment Fund (MEIF) appointed a new fund manager to address regional demand for alternative debt finance options.
A £40 million pot will be made available to companies in the West, East and South East Midlands via The FSE Group, who will have the capability to invest between £100,000 and £1.5 million in each eligible business.
Forming the latest phase of investment released by the MEIF, the £40 million of debt finance brings the number of MEIF funds to eight, with the FSE Group set to work alongside six existing fund managers.
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 and helping them achieve new growth. Adding a new fund manager will help us continue delivering on this mission as we help to support driving the Midlands Engine forward.
“The FSE Group has an expert team and is well equipped to not only invest in businesses, but work with them in the long-term to help them create jobs, enter new markets and bolster the regional economy.”
Robert Spencer, executive chairman at The FSE Group, added: “We are delighted to be appointed fund manager for this new £40 million debt fund and join the existing fund managers in providing alternative finance options from the MEIF. The FSE Group has been funding and supporting growth SMEs for over 15 years and we look forward to bringing our characteristic flexible more-than-money approach to the Midlands region.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
