Business lender delivers more than £6m to region’s SMEs
First Enterprise – Enterprise Loans has delivered £6.7m of Midlands Engine Investment Fund (MEIF) small business loans to SMEs in the East Midlands and South East Midlands.
The finance provider has supported a total of 89 SMEs and created and safeguarded 203 jobs in the region since the start of the MEIF loan fund in 2017.
£2.7m of this milestone has been provided since April, delivering a lifeline to many business during the coronavirus pandemic.
Some of the businesses First Enterprise – Enterprise Loans have helped with MEIF loans since the start of the pandemic include:
Ripley-based Pentrich Brewing Co which received MEIF investment to help expand its production of cask beers, helping them to make both keg and canned beer and diversify during the pandemic.
Derby-based polyurethane manufacturer, Complexia, which invested in new machinery following MEIF investment, helping them to move into new markets. The funding also created seven new jobs.
Leicester-based Tuk In Foods secured MEIF investment to progress their growth plans which included the development of a premium ready meals range, the launch of an online delivery service and a collaboration with top chef, Sajeev Nair.
A Lincoln-based technology company, Tended Ltd, launched a safety device to help staff socially distance in the workplace following an MEIF investment.
Ashfield-based Dovetail Technology grew their operations and fulfilled worldwide orders of their portable laptop monitors following an MEIF investment.
Skegness-based cheese company, Chuckling Cheese, secured MEIF investment to adapt its business and build its online presence, creating 12 jobs with more planned later this year.
First Enterprise – Enterprise Loans general manager, Adrian Twelvetrees, said: “We are delighted to have been able to support SMEs during this incredibly difficult time for business owners.
“The MEIF fund helps SMEs fulfil a wide range of business objectives and can be used for a wide range of purposes including filling gaps in growth capital, funding expansion projects, renting commercial premises and asset acquisitions. Without it, many businesses would have struggled to meet their objectives this last year.”