MEIF Maven Debt Funds reaches milestone with over £60 million in loans

Maven manages two debt funds on behalf of the Midlands Engine Investment Fund across the West, East and South East Midlands, and has now deployed over £60 million of MEIF loans, to 116 businesses, creating 420 new jobs in the region.

Working with the region’s 10 Local Enterprise Partnerships, Maven’s Birmingham and Nottingham-based teams have seen a high level of demand for funding from businesses, which they have been able to support through MEIF with additional backing from the Coronavirus Business Interruption Loan Scheme (CBILS) and subsequently the Recovery Loan Scheme (RLS), also provided by the British Business Bank.

£92 million of private investment and financing has been raised by portfolio companies as a direct result of MEIF funding provided by Maven, with local businesses such as Birmingham-based licensed train operating company, SLC Operations, receiving £500,000 for new product development, which is projected to create 30 new jobs roles as a result.

Other funding has supported Boditrax Technologies, based in Nottingham, which received a loan of £500,000 to expand its product range and exploit new markets for its health and fitness technology.

MEIF loans of between £100,000 and £1.5 million have provided assistance to a wide variety of businesses and with the next generation of Midlands Engine Investment Fund, investment in the region continues to provide opportunities for SMEs to access finance for growth.

“This is a significant milestone achieved across the two MEIF funds which Maven manage, reflecting the high demand from growth businesses across the Midlands for funding support in instances where traditional banking facilities are unavailable.

“It is particularly pleasing to recognise the level of job creation that has been achieved by our portfolio companies as a direct result of this additional funding, especially as a large portion of this has been accomplished during the ongoing pandemic.

“With further funds available, we continue to work closely with our introducers to ensure this momentum continues and the remaining finance is appropriately deployed to further build on this milestone and to continue to support SMEs across the region with their growth ambitions.”

Jonathan Lowe and Richard Blount, Maven Investment Directors based in the Midlands

“The MEIF debt fund is targeted at SMEs, with up to 250 employees, that can demonstrate growth potential. Businesses at this level may require large capital injections to move them to the next level.

With this latest milestone, Maven illustrates how the MEIF is committed to improving access to finance across the region’s 10 LEP areas by helping businesses facilitate future growth. Any Midlands businesses looking to fulfil their growth should consider the MEIF funding options available.”

Mark Wilcockson, Senior Investment Manager at British Business Bank

If your business is in need of finance to help unlock its growth potential, MEIF Maven Debt Finance may be able to help. Contact Maven’s local team on 0121 231 7125 today to find out more.