Maven has backed 34 SMEs to the tune of GBP18 million across the Midlands in the last 12 months and 45 since the Fund’s inception.Appointed by the British Business Bank in 2017, Maven manages two debt funds on behalf of the Midlands Engine Investment Fund (MEIF) across the West, East and South East Midlands, working with the Local Enterprise Partnerships (LEPs), Local Authorities and Growth Hubs across the Midlands. Maven has completed transactions ranging from GBP100,000 to GBP1.5 million, providing finance across a diverse variety of sectors, including retail, tech, engineering and healthcare. Typically, funding is secured to drive expansion, such as hiring new staff, purchasing machinery, increasing working capital and growing customer reach.
Recent transactions last year include the backing of: Vacuum Furnace Engineering; specialists in design and supply of vacuum furnaces, Telling Architectural; architectural development specialists and Opperman Plants; award-winning house and garden plant nursery. The finance will enable the businesses to pursue their growth plans, including funding several large projects and creating jobs across the region.
Steve Lewis, Investment Director for MEIF West Midlands, says: “Maven MEIF Debt Finance’s positive impact on businesses across the Midlands is already evident, fuelling the growth of ambitious SMEs across a wide range of industries, and supporting a significant number of jobs. Our local investment team works closely with the businesses we support to provide flexible funding to suit a wide range of business circumstances. We look forward to working with more businesses to help them achieve their growth plans.”
Jonathan Lowe, Investment Director for MEIF East and South East Midlands, says: “The Midlands has historically been a key driver for UK economic growth and a hotbed for growing SME businesses. Supporting such a large number of local companies in just one year demonstrates the need for this type of debt finance, and the breadth of established, cash generative small businesses that currently exist, ready to take on finance to grow their business.”