£400m extension to MEIF set for launch in the new year

A £400m extension to the Midlands Engine Investment Fund (MEIF) is set to be launched in the first half of next year. 

The MEIF is designed to support the growth of Midlands SMEs and is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs).

Leicester and Leicestershire Enterprise Partnership (LLEP) is among those involved, with other LEPs spanning the West Midlands, and East and South East Midlands. 

MEIF forms part of the new Nations and Regions Investment Funds, which has been launched by the British Business Bank. 

£300 million has already been invested across the Midlands, meaning MEIF II will bring the total investment offered to regional firms to more than £700m since 2017. 

MEIF aims to transform finance for SMEs in the Midlands, realising the region’s potential to achieve economic growth. 

The latest funding will cover the entire East Midlands, South East Midlands, and West Midlands regions.

It will deliver a financial commitment to drive sustainable economic growth, levelling-up of access to finance in the Midlands through debt and equity funds in the region.

Support on offer ranges from small business loans of £25k to up to £5 million worth of equity finance.

Additional funding from next year will be provided by the UK Government.