£40m unlocked for region’s businesses as new loan fund launches

The Midlands Engine Investment Fund (MEIF) has appointed a new fund manager and made £40m available to invest in the region’s small businesses.

Appointed to address regional demand for alternative debt finance options, The FSE Group will manage the £40m debt fund, with the capability to invest between £100,000 and £1.5m in businesses based in the West Midlands and East & South East Midlands.

Forming the latest phase of investment released by the MEIF, the £40m of debt finance brings the number of MEIF funds to eight, with the FSE Group set to work alongside six existing fund managers.

Local Government Secretary, Robert Jenrick MP, 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 £40 million 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.”

Robert Spencer, executive chairman at The FSE Group, said: “We are delighted to be appointed fund manager for this new £40m 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.”