Business support and funding provider Enterprise Loans East Midlands (ELEM) has invested more than £2 million pounds into the economy after being awarded its largest ever funding pot by the British Business Bank last year.
Enterprise Loans successfully won a competitive tender for the Midlands Engine Investment Fund (MEIF) – delivered by the British Business Bank – to provide loans of between £25,000 to £150,000 to support the growth ambitions of businesses across the East and South East Midlands region.
Since September 2017 the ethical loan provider has lent £1,172,500 from the MEIF and £967,500 from ELEM funding, resulting in £2,140,000 being pumped into the local economy. This funding has supported 26 businesses and created or safeguarded 231 jobs.
Quammar Zamman, CEO at Enterprise Loans, said: “Thanks to the MEIF funding we’ve been able to support even more fantastic businesses and budding entrepreneurs across a number of sectors. Small businesses are the backbone of this country and we’re passionate about helping people to grow and develop their companies.
“It’s more apparent than ever that Midlands’ businesses need support to flourish. Whether they need funding and advice or help getting started, investing in new premises or equipment, we are here to support them.”
Grant Peggie, director at British Business Bank, commented: “We’re delighted to see Enterprise Loans reach this milestone figure of investments made, successfully deploying small business loans across the East and South East Midlands.
“Increasing the opportunities available to smaller businesses looking to scale-up is exactly what the fund was set up to do and we would encourage other small growing businesses to consider applying for funding.”
One business recently supported by Enterprise Loans and the MEIF is Tended Protect, a Lincolnshire based technology centric firm which is developing a wrist-worn wearable safety device which monitors the movements of the user through artificial intelligence.
Tended was supplied with £50,000 in order to help facilitate beta testing samples, create new jobs at the firm and support product marketing to refine and test Tended Protect, as well as to fulfil its initial orders.
Leo Scott Smith, founder and CEO of Tended Ltd said: “Our goal was to develop an intelligent, innovative and affordable personal safety solution with a global reach.
“Similar to your standard fitness tracker, the Tended Protect can track fitness information but also offers the additional benefit of safety monitoring wherever the individual may be.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.