Maven Capital Partners (Maven), the debt fund manager for the Midlands Engine Investment Fund (MEIF), has been approved by the British Business Bank as a new accredited lender to provide loans through the Government’s Recovery Loan Scheme (RLS).
The Recovery Loan Scheme (RLS) supports access to finance for UK businesses as they recover and grow following the Covid-19 pandemic and will run until the end of the year (31 December 2021).
The scheme aims to help businesses affected by Covid-19 and can be used for business purposes, including managing cashflow, investment and growth. Businesses who have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme. Under the scheme, a facility of up to £10m can be provided per business (maximum GBP30 million per group), with minimum facility sizes varying from GBP1,000 for asset and invoice finance, and GBP25,001 for term loans and overdrafts.
Launched in February 2017, the MEIF Maven Debt Finance Fund has completed over 120 loans ranging from GBP100,000 to GBP1.5 million to businesses across the Midlands.
Jonathan Lowe and Chris Rogers at Maven says: “We are fully committed to providing loans and funding to businesses in the Midlands. Our investment team has an excellent understanding of the local market and all have significant experience working in the financial space and with businesses of all sizes. We look forward to providing support to all businesses that have strong growth aspirations and plan to use the RLS through the Midlands Engine Investment Fund.”
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.