Loan funding and business support provider Enterprise Loans East Midlands (ELEM) has been awarded its largest ever funding pot of £13 million by the British Business Bank, to support businesses across the East & South East Midlands.
Enterprise Loans successfully won a competitive bid for the Midlands Engine Investment Fund (MEIF) – run by the British Business Bank – to provide loans of between £25,000 to £150,000 to support the growth ambitions of businesses across the region.
The ethical loan provider is now urging Midlands’ entrepreneurs and growing businesses to come forward and apply for a share of the fund.
Patrick Magee, chief commercial officer at the British Business Bank said: “The Midlands Engine Investment Fund will build relationships with the region’s diverse small business community, through its appointed fund managers and its own relationship managers.
“The fund will play a pivotal role in plugging the gaps currently present in the funding landscape, seeking to ensure that all businesses have access to the finance they need to grow. Enterprise Loans will have an instrumental role in the successful allocation of the fund, and we’re looking forward to working with the team to mobilise fast-growth businesses across the region.”
Neil Millington, loan fund manager, said: “We are thrilled to have been granted the funding from the British Business Bank as it will make a huge difference to the region’s developing businesses and really help to bolster economic investment across the Midlands.
“As part of the bid we have also seen the geographical area that we work in expand to cover parts of the South East Midlands including Milton Keynes and Luton, which will enable us to support even more businesses.
“We know there are many budding entrepreneurs out there that just need a financial boost to enable them to grow, develop and flourish. These are exactly the kinds of people that can really benefit from loan funding and are the very reason that Enterprise Loans exists. We want to let people know that we’re here and ready to help.”
The Chancellor of the Exchequer announced the creation of the £250m MEIF in his March 2016 Budget. The fund has been specifically set up to help small to medium sized businesses secure the cash they need to prosper, grow and build on the UK’s current economic activity.
The fund, a joint agreement between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the East & South East Midlands and West Midlands, will bring together legacy funding from existing programmes, new funding from the British Business Bank and new European funding.
The substantial funding pot supports Enterprise Loan’s on-going work, across the region, to help businesses thrive and entrepreneurs to accomplish their goals. Recent figures released by the company show how it has pumped more than £17million into the Midlands’ economy since 2011.
By providing start-ups and growing businesses with access to loan funding, Enterprise Loans has also helped create 1,401 jobs across the region in the last six years and provided business support services to 758 businesses.
Neil added: “This fresh funding will be a huge support to the work we are already doing, across the region, to grow businesses and support budding entrepreneurs. And we can’t wait to see which fantastic new businesses we are able to support over the coming years.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.