Haines Watts Leicester have pledged their support for the British Business Bank to help SME businesses in the region.
The British Business Bank have just announced the first tranche of the Midlands Engine Investment Fund (MEIF) as being open for business.
Steven Mugglestone at Haines Watts provides corporate finance support to SME businesses from the local office. He noted, “The Government has been aware of the issues facing small growing businesses and the challenges they face obtaining finance. This has not always been available from the main High Street banks, so the British Business Bank has been established to try and fill this funding gap. The main banks now refer businesses to the Bank, if they cannot provide the funding themselves. This will really help our business clients and we certainly look forward to working with the British Business Bank in the coming months.”
The first wave of its £250million Midlands Engine Investment Fund (MEIF), includes £120million of SME debt finance, and is now available to businesses across the 10 Local Enterprise Partnership areas in the Midlands.
Aimed at eliminating regional imbalances in funding, the British Business Bank is keen to support fast-growth organisations and businesses looking to expand into new markets and boost productivity, supporting job creation.
The MEIF is the result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Department for Communities and Local Government and 10 Local Enterprise Partnerships (LEPs) in the East & South East and West Midlands. It brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB).
The £120million fund is composed of two separate lots - £30million of small business loans valued between £25,000 and £150,000, as well as £90million of debt finance worth between £100,000 and £1.5million. The £120million fund is part of a wider £250million commitment, with further funding due to be made available later this Autumn.
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