Signature(s)
Summary sheet
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten local enterprise partnerships in the East & Southeast and West Midlands. It consists of a GBP 288m fund-of-funds that aims to support a wide range of firms at different points in their development: from early-stage businesses seeking seed equity or small business loans, to small and medium-sized enterprises (SMEs) wanting loans or equity funding to take advantage of growth opportunities. Under the terms of the UK SME Financial Instruments Programme approved by the EIB in 2015, the EIB would contribute GBP 122.5m to the fund, which also mobilises European Structural Investment Funds (ESIF), as well as other national grants and loans. The Midlands Engine Investment Fund will be managed by British Business Financial Services Ltd (BBFSL), an entity fully owned and controlled by the British Business Bank (BBB), a government-owned financial institution set up to support economic growth by making finance markets work better for smaller businesses in the UK.
The Midlands Engine Investment Fund will provide over GBP 250m of lending and investment to smaller businesses and thereby support the growth ambitions of 460,000 smaller businesses in the Midlands. The fund will also attract additional private sector funding and contribute to creating a sustainable ecosystem of high-growth companies alongside the support network of funders and advisors that they need.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
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