The sheer number of funding, grant and loan schemes on offer can also be confusing. The Access to Finance Strategy adopted by the Board is to promote the availability of external finance to local businesses seeking to grow thereby adding value to the local economy.
The Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund, provides commercially focussed finance through Small Business Loans, Debt Finance, Proof of concept and Equity Finance funds.
The MEIF Fund aims to transform the finance landscape for smaller businesses in the Midlands and to realise the region’s potential to achieve economic growth through enterprise.
MEIF is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East & South East Midlands.
MEIF provides around £250m of investment to boost small and medium business (SME) growth in the Midlands through four different funding options:
More information on finance options for smaller businesses can be found in the Access to Business Finance Guide.
This guide has been devised for businesses and advisors by the British Business Bank and the ICAEW Corporate Finance Faculty, supported by a further 21 major professional, membership and representative organisations. It is a unique guide that sets out the main things to consider and the finance options available to businesses – ranging from start-ups to SMEs and growing mid-sized companies. The guide also includes several tools and ideas to help businesses consider their finance options, make decisions and plan how they will finance expansion.
The Midlands Engine Investment Fund – Two Years On – Impact Webinar is available to view here
The Marches Local Enterprise Partnership has now ceased trading and transferred all its functions to Shropshire Council working with Telford & Wrekin Council and Herefordshire Council, in line with the UK Government's plans for devolution.
The Marches LEP was established in 2011 and hands over an impressive legacy from its 13-year life. In that time the LEP invested over £196m in projects across the Marches, securing in excess of £100m of match funding and supported more than 66,000 business interactions.
The schemes supported have made tangible differences to local communities, increasing skills, creating jobs and improving the physical appearance of many towns.
We would like to thank all the LEP Board Members who have given their time freely over the life of the LEP, as well as all the staff who worked for the LEP over the years. We also want to thank our delivery partners, local education providers and local, regional and national stakeholders who helped us achieve so much.
The Marches Growth Hub will continue to support businesses and will be managed by Shropshire Council, supported by Telford and Wrekin and Herefordshire Councils. Each of the three Local Authorities will also continue to provide direct business support locally. Details of this support will be available through the Marches Growth Hub website and from the Local Authorities directly. Website: www.marchesgrowthhub.co.uk | email: enquiries@marchesgrowthhub.co.uk.
The Marches Careers Hub will continue to be delivered and will be managed by Shropshire Council, supported by Telford & Wrekin and Herefordshire Councils. Website: www.marchescareershub.co.uk | email: info@marchescareershub.co.uk
For any queries about Getting Building Fund (GBF), Local Growth Fund (LGF) and Marches Investment Fund (MIF) projects supported by the Marches LEP please contact: gary.spence@shropshire.gov.uk
For any finance queries please contact: michelle.hodgkiss@shropshire.gov.uk
The solvent liquidation of the Marches LEP is being managed by the Evelyn Partners Limited. For any matter related to this please contact: Camilla.Mulholland@evelyn.com
