The British Business Bank (BBB) has launched its £250million Midlands Engine Investment Fund (MEIF), with a mix of debt and equity finance now available to the Lincolnshire business community, as well as the wider West, East and South-East Midlands region.
The BBB has collaborated with the Greater Lincolnshire Local Enterprise Partnership in hosting an official briefing event at Lincoln’s Blue Room, informing business representatives of the new funding on offer via the government backed initiative.
Showcasing the MEIF’s aim to fast-track business growth across the Midlands, guests heard from the fund managers responsible for delivering the MEIF on how different types of finance can be used to help accelerate business growth.
The MEIF will invest in equity finance through appointed Fund Managers:
- Midven Ltd will operate a Venture Fund focusing on the West Midlands
- Foresight Group LLP, will run a similar fund focused on the East & South-East Midlands
- Mercia Fund Managers will run a Proof of Concept and Early Stage Equity Fund addressing the whole of the Midlands.
The equity finance will join the £120 million of loan funds launched in August 2017.
Ursula Lidbetter MBE, Chair of the Greater Lincolnshire LEP, said: “We welcome the launch of the Midlands Engine Investment Fund, which has the potential to enable companies across Greater Lincolnshire to expand, create new jobs and harness business opportunities.
“It’s well known that there are significant regional imbalances in the supply of equity finance across the UK, and this new fund will help to redress the balance in our favour.”
Patrick Magee, Chief Commercial Officer, British Business Bank, said: “We believe there is a major opportunity to increase the supply of equity finance in the Midlands, and to enhance the growth ecosystem.”
Rt Hon Sajid Javid MP, Housing Secretary and Ministerial Champion for the Midlands Engine, said: “Ensuring every part of the UK can play to its strengths and spread prosperity is central to our Industrial Strategy, this fund will not only generate jobs to benefit the entire Midlands but, ultimately, the British economy.”