MEIF debt funds reach £80m milestone
A pair of funds administered by MEIF Maven Debt Finance have loaned £80m to 151 businesses since launching in 2018 – helping to create 713 jobs.
The two debt funds, which are part of the Midlands Investment Fund managed by Maven, have helped a wide range of high growth companies across the East, South East and West Midlands boost their working capital, invest in new products and create valuable employment opportunities over the past four years.
Belper-based fleet software services provider Chevin Fleet is one such example. Backed by the fund in November 2020, the firm has gone on to target the SME market on a global scale.
Similarly, sports technology business BatFast, based on Colwick Quays Business Park, has experienced a surge in popularity since receiving backing from MEIF, picking up a Sports Technology Award this year in recognition of its pioneering sports tech solutions.
Jonathan Lowe, investment director at Maven in the East and South East Midlands, said: “We are delighted to have achieved this significant milestone for MEIF loans across the Midlands. Businesses have faced and continue to face major challenges in recent times, and we’re pleased to have played a part in their resilience and growth. With further MEIF funds available to deploy, we remain keen to support SMEs with their finance needs.’’
Mark Wilcockson, senior investment manager at the British Business Bank, added: “Maven have played a fundamental role delivering debt finance to businesses across the two regions supported by MEIF. This has enabling over 150 businesses to access finance options to support their growth, enabling the creation of new jobs, funding expansion projects and filling gaps in working capital.”
