Businesses can now begin applying for support through the first wave of the £250 million Midlands Engine Investment Fund (MEIF).
The British Business Bank has today announced the first tranche of funding with the launch of £120 million of SME debt finance, which is now available to businesses across the 10 Local Enterprise Partnership areas in the Midlands.
A spokesperson from the MEIF initiative said: “Aimed at eliminating regional imbalances in funding, the British Business Bank is keen to support fast-growth organisations and businesses looking to expand into new markets and boost productivity, supporting job creation.
“The MEIF is the result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Department for Communities and Local Government and 10 Local Enterprise Partnerships (LEPs) in the East & South East and West Midlands.
“It brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB).”
The £120 million fund is composed of two separate lots – £30 million of small business loans valued between £25,000 and £150,000, as well as £90 million of debt finance worth between £100,000 and £1.5 million.
The £120million fund is part of a wider £250million commitment, with further funding due to be made available later this Autumn.
For more information on how to access financial support from the fund, visit the website here.