Maven Capital Partners (Maven) which manage two debt funds on behalf of the Midlands Engine Investment Fund (MEIF) across the West, East and South East Midlands, has now deployed over GBP60 million of MEIF loans, to 116 businesses, creating 420 new jobs in the region.
Working with the region’s 10 Local Enterprise Partnerships, Maven’s Birmingham and Nottingham-based teams have seen a high level of demand for funding from businesses, which they have been able to support through MEIF with additional backing from the Coronavirus Business Interruption Loan Scheme (CBILS) and subsequently the Recovery Loan Scheme (RLS), also provided by the British Business Bank.
Some GBP92 million of private investment and financing has been raised by portfolio companies as a direct result of MEIF funding provided by Maven, with local businesses such as Birmingham-based licensed train operating company, SLC Operations, receiving GBP500,000 for new product development, which is projected to create 30 new jobs roles as a result.
