The £250 million Midlands Engine Investment Fund (MEIF) has reached its first milestone after supporting investment of £25 million in the region’s businesses.
Launched in late February last year, the fund seeks to address regional imbalances in finance available to Midlands businesses.
The £25 million invested so far, which includes £10 million of private sector funds alongside finance from the MEIF, has supported over 100 businesses.
Delivered by the government’s British Business Bank, MEIF forms part of a wider initiative to grow the region’s business community and local economy.
A highlight from the fund’s activity in Greater Lincolnshire is its £50,000 investment in Tended Ltd.
Provided by Enterprise Loans East Midlands, this MEIF finance has allowed the tech company to both test and launch its wrist-worn wearable safety device to market.
Investments from the MEIF are made by one of six appointed fund managers working across the East, South-East and West Midlands and are supported by a network of Local Enterprise Partnerships.
The £250 million fund offers equity and debt investment between £25,000 to £2 million.
Ken Cooper, Managing Director at British Business Bank, said: “Using the expertise of our fund managers and with the support of LEPs and intermediaries we are improving access to finance and making a huge impact at local level.
“This journey is only just beginning though, and we encourage businesses from across the region to enquire to see how an MEIF investment could support their ambitions.”