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MEIF Maven Debt Finance hits £80m milestone

MEIF Maven Debt Finance has reached a key milestone by lending £80m to ambitious ventures across its two debt funds since Maven was appointed director. The funds, part of the Midlands Engine Investment Fund (MEIF), have been supporting growth-oriented SMEs in the East, South East and West Midlands since their launch in 2018.

Access to finance has long been a barrier to growth for many small businesses and MEIF is helping to improve the financial landscape for businesses based in the Midland to realize the region’s potential to achieve economic growth through of the company.

MEIF Maven Debt Finance has now supported over 150 businesses across both regions, providing the essential capital needed to meet a wide range of financing needs, such as increasing working capital, investing in new products and services or moving to larger business premises. The funding also contributed directly to the creation of over 700 jobs.

Among the companies that have received debt financing through the Funds are Eskuta, a supplier of e-bikes to established brands such as Dominos and Pizza Hut, which has grown significantly in sales since MEIF support a year ago. almost 3 years. While fleet software service provider Chevin Fleet was able to use the funding to tap into new business opportunities globally.

More recently, the Funds have supported a number of pioneering and innovative companies, including Maeving, a manufacturer of all-electric motorcycles and BatFast, a sports technology company which recently won the award for best technology for fitness and participation. at the 2022 Sports Technology Awards.

Jonathan Lowe, Chief Investment Officer at Maven in the East and South East Midlands, said: “We are delighted to have reached this important milestone for MEIF loans in the Midlands. Businesses have faced and continue to face major challenges in recent times, and we are happy to have played a part in their resilience and growth. With other MEIF funds available to deploy, we remain keen to support SMEs with their financing needs.

Richard Blount, Investment Director at Maven in the West Midlands, adds: “The continued success of the funds is evident both in the continued demand for funding from SMEs based in the West Midlands and the East and South East Midlands and the growing number success stories across the Fund’s portfolio.

“Furthermore, given the growing economic challenges facing businesses, the continued deployment of finance from the funds to support SMEs in the Midlands is increasingly important to deliver economic growth and to protect and grow jobs. In the region.”

Mark Wilcockson, Chief Investment Officer at the British Business Bank, concludes: “Maven has been instrumental in providing debt financing to businesses in both MEIF-backed regions. This has enabled more than 150 companies to access financing options to support their growth, enabling the creation of new jobs, funding expansion projects and filling working capital gaps.