MEIF Maven Debt Finance has achieved a key milestone, lending £80 million to ambitious businesses across its two debt funds since Maven was appointed as Manager. The Funds, which are part of the Midlands Engine Investment Fund (MEIF), have been supporting growth focused SMEs across the East & South East and West Midlands since their launch in 2018.
Access to finance has long been a barrier to growth for many smaller companies and the MEIF is helping improve the finance landscape for Midland based businesses in order to realise the region’s potential to achieve economic growth through enterprise.
MEIF Maven Debt Finance has now backed over 150 businesses across the two regions providing the essential capital required to support a wide range of funding requirements such as boosting working capital, investing in new products & services, or moving to larger commercial premises. The funding has also directly helped to create more than 700 jobs.
Businesses who have benefitted from debt finance through the Funds include Eskuta, an e-bike supplier to established brands such as Dominos and Pizza Hut, which has significantly increased sales since MEIF’s backing nearly 3 years ago. Whilst fleet software services provider, Chevin Fleet, was able to utilise the funding to exploit new commercial opportunities on a global scale.
More recently, the Funds have backed a number of pioneering and innovative businesses including Maeving, a manufacturer of fully electric motorcycles and BatFast, a sports technology business which recently won Best Technology for Fitness and Participation at the 2022 Sports Technology Awards.
Jonathan Lowe, Investment Director at Maven in the East and South East Midlands said: “We are delighted to have achieved this significant milestone for MEIF loans across the Midlands. Businesses have faced and continue to face major challenges in recent times, and we’re pleased to have played a part in their resilience and growth. With further MEIF funds available to deploy, we remain keen to support SMEs with their finance needs.”
Richard Blount, Investment Director at Maven in the West Midlands adds: “The continued success of the funds is evident both from the continued demand for funding from SMEs based across the West Midlands and East and South East Midlands and the growing number of success stories across the Fund’s portfolio.
“Furthermore, given the increasing economic challenges being faced by businesses, the continued deployment of finance by the funds to support SMEs across the Midlands, is increasingly important to ensure economic growth, and to protect and increase employment across the region.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank concludes: “Maven have played a fundamental role delivering debt finance to businesses across the two regions supported by MEIF. This has enabling over 150 businesses to access finance options to support their growth, enabling the creation of new jobs, funding expansion projects and filling gaps in working capital.”
