The Chancellor announced the creation of a £250m Midlands Engine Investment Fund in his March 2016 Budget, aimed at boosting the regions economy and supporting the growth ambitions of its 460,000 smaller businesses.
Midlands Engine:
A plan to make the Midlands an engine of growth was unveiled in December 2015 at Birmingham University. The Midlands Engine prospectus- the first of its kind in the country - was the result of 11 Local Enterprise Partnerships (LEPs) coming together with their plan to boost productivity, attract inward investment, increase connectivity and build a regional tourism offer.
The new prospectus is focused on 5 key themes - skills, innovation, transport, promoting the Engine, and finance for business, and is part of the governments wider plans to support jobs and growth.
If the Midlands region matches the predicted growth rate for the UK over the next 15 years, it could create 300,000 jobs and boost the national economy by £34 billion.
The Midlands Engine Investment Fund:
The Midlands Engine Investment Fund is aimed at boosting the regions economy and supporting the growth ambitions of smaller businesses in the Midlands. The Fund is a joint agreement between the British Business Bank and the 11 Local Enterprise Partnerships (LEPs) in the West and East and South East Midlands. The aim of the Fund is to provide gap funding for SMEs across the whole Midlands Engine area.
The British Business Bank has been invited by the Department for Communities and Local Government to implement a Fund of Funds. The Fund will be over £250m and bring together legacy funding from existing programmes, new funding from the European Investment Bank, LEP ESIF funding and the British Business Bank.
A Strategic Oversight Board (SOB) has been established with the Local Enterprise Partnerships to create the appropriate Governance Framework for the MEIF. The SOB is Chaired by Nick Pulley, the Chair of the Leicester and Leicestershire LEP and includes members from six other LEPs who represent all 11 LEPs in the MEIF as well as representatives from HM Treasury, the Department for Business Innovation and Skills, the Department for Communities and Local Government, the European Investment Bank and the British Business Bank.
The Fund is expected to be launched in early 2017. This is an ambitious target that reflects the desire of all parties to assist in the growth of the economy by getting the money working. The new Fund is expected to create jobs, support enterprises through investment and lending and assist with facilitating innovation by launching new products to market.
For further information on the progress of MEIF please look at our website on http://british-business-bank.co.uk/ourpartners/midlands-engine-investment-fund/
Invitation to Midlands Engine Trade Summit - 9th March 2017
This is a great opportunity to hear first hand about plans and opportunities that may be available to you where I would encourage you to consider this for your diary.
Please see the enclosed flyer and the link below which takes you to the registration page for this free event.
https://www.eventbrite.co.uk/e/midlands-engine-trade-summit-tickets-29884655810