Midlands Engine Investment Funds completes 100 loans

Maven MEIF HNB Construction
The 100th loan milestone has been achieved by the alternative finance Midlands Engine Investment Fund (MEIF) Maven Debt Finance as the fund manager continues to back local businesses.
Maven has now provided over £43 million to the region’s businesses as part of its work delivering finance through the Midlands Engine Investment Fund (MEIF).There are two debt funds that are managed by Maven on behalf of the MEIF across the West, East and South East Midlands. Working with the region’s Local Enterprise Partnerships (LEPs) and Growth Hubs, Maven has now completed 100 transactions ranging from £100,000 to £1.5 million.

Recent deals include the backing of Birmingham-based You.Smart.Thing; an innovative travel management platform provider, Chevin Fleet Solutions, the Belper based global provider of advanced fleet management software and Bicester-based HNB Construction Services; a specialist in B2B modern refurbishments.

The finance provided by Maven through MEIF is enabling Midlands’ businesses to pursue new growth plans, including funding several large projects and creating jobs across the region.

Maven has been advised by Gateley Legal on the 100 deals it has completed via the MEIF Debt Funds.

Jonathan Lowe, Investment Director at Maven said: “The Midlands has historically been a key driver for UK economic growth and a hotbed for growing small businesses. Achieving the milestone of 100 loans demonstrates the need for this type of debt finance, and the breadth of established, cash generative small businesses that currently exist, ready to take on finance to grow their business.”

Andrew Madden, a partner in the Banking & Finance team at Gateley Legal said: “We have been delighted to work with MEIF Maven Debt Finance, supporting growth and investment across the Midlands. Like Maven, the team at Gateley Legal is committed to supporting SMEs across the Midlands. By creating a suite of user-friendly documents, we have been able to streamline the legal process and ensure a quick and efficient delivery of loans once agreed, often within days of approval.”

Grant Peggie, Director, at the British Business Bank said: “Maven’s latest investment milestone shows the scale of the MEIF’s commitment to improving access to finance across the Midlands. Through close working with our regional partners, including LEPs, growth hubs and intermediaries, the MEIF and its fund managers are enabling more businesses to secure finance and unlock new growth. “We welcome the news that Maven has now completed 100 deals and look forward to the team continuing to support businesses across the two funds in the West Midlands and East and South East Midlands.”