Bank awards record £13m funding pot for Midlands businesses

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Enterprise Loans East Midlands (ELEM) has been awarded its largest ever funding pot of £13 million by the British Business Bank, to support businesses across East and South East Midlands.

Enterprise Loans won a competitive bid for the Midlands Engine Investment Fund (MEIF) – run by the British Business Bank – to provide loans of between £25,000 to £150,000 to support the growth ambitions of businesses across the region.

The organisation, which describes itself as an ethical loan provider, is now urging Midlands entrepreneurs and growing businesses to come forward and apply for a share of the fund.

Patrick Magee, chief commercial officer at the British Business Bank said: “Enterprise Loans will have an instrumental role in the successful allocation of the fund, and we’re looking forward to working with the team to mobilise fast-growth businesses across the region.”

Neil Millington, loan fund manager, added: “As part of the bid we have also seen the geographical area that we work in expand to cover parts of the South East Midlands including Milton Keynes and Luton, which will enable us to support even more businesses.

“We know there are many budding entrepreneurs out there that just need a financial boost to enable them to grow, develop and flourish.

“These are exactly the kinds of people that can really benefit from loan funding and are the very reason that Enterprise Loans exists. We want to let people know that we’re here and ready to help.”

The Chancellor of the Exchequer announced the creation of the £250m MEIF in his March 2016 Budget.

The fund has been specifically set up to help small to medium sized businesses secure the cash they need to prosper, grow and build on the UK’s current economic activity.

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

If you would like to find out more about the funding available from Enterprise Loans East Midlands please visit the website here, call 0115 942 3772 or join the conversation on Twitter @1st_Enterprise