The Leicester and Leicestershire Enterprise Partnership (LLEP) invited business leaders from the professional and financial services to meet the new £250m Midlands Engine Investment Fund (MEIF) Managers that are delivering the fund across Leicestershire.
Kevin Harris, Vice Chair of LLEP Board and partner at RSM UK, hosted the ‘Meet the Fund Managers’ event at RSM UK offices, Grove Park on the evening of Wednesday 11th October, in order to maximise the impact of MEIF across the region.
Kevin Harris opened the launch event with an introduction about the LLEP’s involvement in developing the new investment fund, which is the result of a collaboration between 10 Local Enterprise Partnerships (LEPs) in the East & South East Midlands and West Midlands, the British Business Bank, the Department for Business, Energy and Industrial Strategy, European Investment Bank and the Department for Communities and Local Government.
As part of his introduction, Kevin Harris said, “Local professional and financial business leaders are key intermediaries and pay an important role in raising awareness amongst the local small and medium-sized business community. The fund aims to support business growth, exploration and movement in to new markets and to boost productivity.”
MEIF is a £250m fund that will provide much needed debt finance, small business loans, proof of concept and equity finance for the whole Midlands region. The £53m fund is split across the East and South East Midlands. A £13m Small Business Loan fund offers between £25,000 and £150,000, managed by Enterprise Loans East Midlands and a £40m of Debt Finance offering £100,000 up to £1.5m, which is managed by Maven Capital Partners. Further funding for proof of concept and equity finance will be made available soon.
Ken Cooper, Managing Director at the British Business Bank said, “The Midlands Engine Investment Fund has the potential to drive significant positive change within the Leicestershire business community, creating jobs and providing organisations with the investment they need to grow. It’s vital that the advisory community is able to share information on the fund with their clients, joining them up with fund managers to ensure resources are distributed to those who need it most.”
Local businesses that are looking to scale up or access finance are invited to attend a free Strategy and Funding for High Growth workshop that is being held as part of Leicester Business Festival on 24th October. Expert speakers will address key barriers to growth by providing helpful insights on essential leadership and management skills, routes to market, investment readiness and finance options for high growth businesses, including MEIF. Book tickets at http://bit.ly/2wR52Em
To find out more about Midlands Engine Investment Fund go to the new MEIF website at http://meif.co.uk/
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