Shropshire firms urged to access new £400m investment fund
Shropshire businesses are being urged to apply for support from a new £400m fund.
The call comes after other firms received a boost as they accessed growth investment from the Midlands Engine Investment Fund (MEIF) through loan provider BCRS Business Loans.
With the second phase of the fund available to support economic growth and back the next generation of entrepreneurs, businesses who received support to realise their plans from the first MEIF have recommended others take advantage of the new opportunity. Among the first businesses to previously access MEIF support through BCRS was Shropshire manufacturer Motiv Trailers, which accelerated its international expansion plans using a loan in 2018 after more than 30 years in business while Shropshire Electrical Solutions received support last year.
BCRS Business Loans Chief Executive Stephen Deakin said: “We are pleased to be able to build on our positive impact in delivering British Business Bank investment across the West Midlands by now engaging with businesses on the opportunities for support from MEIF II.
“At BCRS we are clear that no viable business should go unsupported so we are working with partners across the region to identify businesses who can benefit, many of whom are not eligible for mainstream banking support.
“The West Midlands has a proud history of supporting the small businesses which are recognised as the engine of the local economy so MEIF II will ensure they thrive and grow, build jobs and skills opportunities and make a positive contribution to the region.”
Jody Tableporter, Director UK & Regional Funds at British Business Bank, said: “The success stories generated by BCRS Business Loans delivering small business loans through the first Midlands Engine Investment Fund provide a blueprint for how we can support entrepreneurs and founders, whoever they are and wherever they are in the region, to access the funds and support they need. The new fund will allow us to continue supporting business owners, whether at the start of their journey or are already running an established firm.”
BCRS Business Loans offers loans to SMEs across the West Midlands and Wales who are unable to access finance from traditional sources by providing secure loans from between £10,000 and £150,000 to support growth and recovery plans.
BCRS is also a delivery partner for the first £130 million Investment Fund for Wales, which launched in November, and the latest £62m Community Investment Enterprise Fund (CIEF), which aims to invest in 800 small businesses nationally.
Since BCRS Business Loans was founded in 2002, it has provided loans worth more than £85 million to businesses. A social impact report for the last financial year showed BCRS lent £6.5m to 72 businesses, safeguarding 999 jobs and creating 473 roles, adding £33.7m in value to the economy of the West Midlands and surrounding regions.
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
