Sunday, December 5, 2021

Extra £400m for new Midlands Engine Investment Fund

The government has announced its plans for spending over the next three years, from 2022/23, which includes a new £400m allocation for a new Midlands Engine Investment Fund.

An additional £50m has also been allocated to the current MEIF programme to take it to £300m, ensuring continuity of funding whilst the next generation of MEIF becomes operational.

The existing regional funds, which have been made available since 2017, have helped address market gaps in access to finance and have proven to drive regional economic growth, through supporting the creation of high-paying high productivity jobs, training existing workforces and supporting the scaling up of regional businesses.

The £700m package is to be delivered by the British Business Bank from its three regional funds – the Northern Powerhouse Investment Fund, the Midlands Engine Investment Fund, and the Cornwall and Isles of Scilly Fund – and the Northern Ireland Growth Finance Fund have delivered over £1bn of public and private sector funding to smaller businesses in those regions, helping to address regional funding gaps.

 

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