Launch of Midlands Engine Investment Fund II unlocks millions in funding for smaller businesses in Lincolnshire

Launch of Midlands Engine Investment Fund II unlocks millions in funding for smaller businesses in Lincolnshire

● The Midlands Engine Investment Fund II will deliver a £400m commitment of new funding for smaller businesses

● The fund will build on the success of the first Midlands Engine Investment Fund and support access to early-stage finance

● 299 smaller businesses have already been supported by the Midlands Engine Investment Fund, creating over 1,400 jobs in the East and South East Midlands

29 February 2024: The British Business Bank is launching its £400 million Midlands Engine Investment Fund II today, unlocking additional funding to help smaller businesses in Lincolnshire prosper and thrive.

The fund will drive sustainable economic growth by supporting new and growing businesses across the whole of the Midlands, through investment strategies that best meet the needs of these firms. It includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead.

The Midlands Engine Investment Fund II aims to build on the success of the inaugural Midlands Engine Investment Fund), a £300m fund which has already supported 299 smaller businesses in the East and South East Midlands since its launch in 2017. The new fund will help hundreds more businesses to achieve their potential and further increase the supply and diversity of early-stage finance by providing options to firms that might otherwise be unable to secure investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.

Three fund managers have been appointed to manage the fund in the East and South East Midlands. First Enterprise – Enterprise Loans will manage the smaller loans part of the fund (£25,000 to £100,000), Maven Capital Partners will be responsible for larger loans (£100,000 to £2 million), and Mercia Ventures will manage equity deals (up to £5 million).

Louis Taylor, Chief Executive Officer, British Business Bank said: “Small businesses are at the heart of The Midlands’ economy. Since launching in 2017, the first Midlands Engine Investment Fund has so far created more than 4,000 jobs across the region by backing 739 smaller businesses.“The first Midlands Engine Investment Fund provided a blueprint for how we can support entrepreneurs and founders, whoever they are and wherever they are in the region, to access the funds and support they need. This new fund will allow us to continue supporting business owners across the Midlands, whether they’re at the start of their journey or are already running an established firm.“Promoting growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are is one of the Bank’s strategic objectives, and vital to unlocking the full potential of the UK’s smaller businesses.”

Exchequer Secretary to the Treasury, Gareth Davies MP said: “Small businesses are the engine of the economy, which is why having access to funding like this is vital to help them thrive and grow, creating jobs and spreading opportunity everywhere.

“As the birthplace of the Industrial Revolution, the Midlands propelled the UK into a new era of technological and economic growth and now the next generation of entrepreneurs will have the support they need to continue this success”.

Lincolnshire-based events software business, Iventis, secured a high-value investment in 2023 as part of the Midlands Engine Investment Fund Proof of Concept & Early Stage Fund to further the offering to their customer base and enhance their technology.

The company has worked on a host of high-profile events including the 2022 Birmingham Commonwealth Games, Dubai Expo and Special Olympics and brings together satellite imagery, maps and architectural drawings into one simple platform.

Joe Cusdin, CEO, Iventis, said: “Planning high-profile events is extremely complex with a host of different factors to consider – from designing and building the infrastructure and planning schedules to managing crowd control, transport and security.

“However the industry still relies heavily on spreadsheets, drawings and data in different formats. With Iventis we have already shown how technology can transform large-scale event planning.

We were able to bring our innovations and technology to a wider audience, thanks to the funding secured through the Midland Engine Investment Fund.”

 

Joe Cusdin, CEO, Iventis

 

Following today’s launch, the British Business Bank will be holding a series of information roadshows aimed at people working with smaller businesses including enterprise agencies, advisors, accountants, law firms and more. The first of these sessions will be held in Lincoln on 11th March 2024, with additional sessions held in Leicester, Wolverhampton, and Coventry, with further locations planned for April and May 2024. To find out more and apply for funding, visit: www.midlandsengineinvestmentfund.co.uk

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