NEARLY 4,000 jobs could be created by a government fund designed to bolster Midlands businesses.
The Midlands Engine Investment Fund will provide up to £100million to help over 1,400 small and medium-sized enterprises (SME).
The project is to be delivered by European Union (EU) funding from the European Regional Development Fund (ERDF).
The secretary of state for housing, communities and local government, Sajid Javid MP announced the launch this morning.
The fund is being delivered in conjunction with the British Business Bank and will provide equity finance – money raised through the sale of shares – to businesses across the Midlands.
The fund’s launch comes as new research reveals only four per cent of the UK’s equity deals take place in the Midlands.
At tomorrow’s launch, local businesses will hear from speakers including Sir John Peace of the Midlands Engine.
Mr Javid said: “The Midlands Engine already boasts over 14 per cent of the UK’s high-growth businesses and its economy is worth more than £230 billion – larger than countries like Denmark.
“We want to harness its huge potential and help give small firms across the Midlands that much-needed boost to grow their business.
“Ensuring every part of the UK can play to its strengths and spread prosperity is central to our industrial strategy, and this fund will not only generate jobs to benefit the entire Midlands but, ultimately, the British economy.”
Jonathan Taylor, Vice President of the European Investment Bank, said: “This exciting new initiative will enable companies across the Midlands to expand, create new jobs and harness business opportunities.”
The project is part of the European Structural and Investment Funds Growth Programme 2014-2020.
Midlands Engine Investment Fund regional events will come to Coventry on March 9 and Birmingham on March 20. Visit www.meif.co.uk/news-and-events/events for more information.
