Investment fund helps to create over 2,300 jobs
The Midlands Engine Investment Fund (MEIF) has helped to create some 2,371 jobs since its launch five years ago, new figures have revealed.
The fund has invested more than £200m into Midlands businesses since 2017, enabling 595 SMEs to generate a raft of valuable employment opportunities.
MEIF was launched by the British Business Bank in partnership with Local Enterprise Partnerships, the Midlands Engine and the UK Government to help improve access to finance for small businesses in the region.
Ken Cooper, managing director at the British Business Bank, said: “Our partnership with key regional stakeholders including Local Enterprise Partnerships and our fund managers has played a significant role in reaching this new milestone.
“Investment by MEIF has been shown to promote resilience, innovation and productivity in supported SMEs and has helped diversify and strengthen the region’s finance landscape. We look forward to continuing this through the next £100m of investment.”
Jon Corbett, chair of the strategic oversight board for the Midlands Engine Investment Fund, added: “MEIF funding has helped many SMEs contribute to the wider economic growth of the Midlands and its wider economic goals through investment to support safeguarding existing jobs, creating new roles, overcoming challenges faced during the pandemic, and helping the region’s businesses to reach their full potential.
“While we’re celebrating another milestone, we hope to help many more businesses and entrepreneurs who have innovative and sustainable ideas in the future by breaking down the barriers of access to traditional finance and will allow the Midlands region to continue to prosper.”