Midlands Engine fund exceeds £250m in direct investments

Ken Cooper, managing director, venture solutions, at the British Business Bank

The Midlands Engine Investment Fund (MEIF) has surpassed the milestone of £250m in direct investment for Midlands businesses.

Delivered by the British Business Bank, MEIF’s debt and equity funding options have supported 696 small and medium businesses, fostering job creation, investment in new products and services, and broader growth opportunities across the Midlands.

Over the past five years, MEIF has executed a total of 1,037 investments. The fund’s contributions have also attracted an additional £372m in private-sector funding, further stimulating economic development.

Moreover, MEIF directed £56m in investments to the manufacturing sector. Its funding options included £29m in small business loans to 375 SMEs, £121m in larger loans to 238 SMEs, and £100m in equity investment supporting 111 SMEs from proof of concept to scale-up.

Ken Cooper, managing director at the British Business Bank, said: “Hitting this milestone underlines the success that the Midlands Engine Investment Fund has had in backing ambitious SMEs across the region as they innovate, create employment and increase economic activity.  Our long-standing partnership with key regional stakeholders and the hard work of our fund managers has been essential to this success.

“BBB’s commitment to fuelling job creation and innovation in the region is as strong now as when we launched the first MEIF in 2017 and we are looking forward to continuing this with £400m of funding for a successor fund in 2024.”

Click here to sign up to receive our new South West business news...