A new funding stream available to Midlands businesses could help companies turn their innovative ideas into a reality.
Totalling more than £250m, the Midlands Engine Investment Fund is aimed at early stage, high growth businesses to provide equity, debt, small business loans and early stage proof of concept funds. With intellectual property being a critical consideration in the early stages of a business, the scheme could provide the necessary funds to protect a new company’s most valuable asset.
The funding model is unique for the region and follows the success of JEREMIE funds in the north and the more recent Northern Powerhouse Investment Fund. Delivered by the British Business Bank, together with the region’s 11 LEPs, businesses can apply to the fund from March 2017, with more information on the process available at http://british-business-bank.co.uk/ourpartners/midlands-engine-investment-fund/.
Commenting on the initiative, Chris Taylor, finance director at Potter Clarkson, said: “This fund of funds, which replaces some of the legacy schemes previously available, is a real boon for businesses in the region. The Midlands has always been a rich vein of innovation in the UK, but this type of funding is essential to help these dynamic companies grow and thrive.”