The British Business Bank’s Midlands Engine Investment Fund II has agreed over £1 million in small business loans through appointed fund manager for the West Midlands, BCRS Business Loans.
The milestone comes as 18 small businesses across the West Midlands have benefitted from small loans agreements since the fund launched earlier in the year.
The £400 million Midlands Engine Investment Fund II covers the whole of the Midlands and provides debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses in the region to start up, scale up or stay ahead.
Wolverhampton-based MTH Fabrications secured £50,000 through fund manager, BCRS Business Loans. Renowned for producing a wide range of steel fencing products including palisade, mesh, wrought iron gates and bespoke steel fabrications, the business has experienced exceptional growth.
The funding will help to maintain the business’ momentum and boost expansion plans, supporting 20 jobs and creating three new roles in the area. The funding will also provide the capital to meet increasing demand by allowing the company to order more steel and purchase new machinery, further enhancing efficiency and production capacity.
Daniel Humphries, co-managing director at MTH Fabrications, said: "We've experienced great business growth and a big influx of orders for our steel fabrications recently, and with that has come the need for us to expand.
“Applying for funding through the Midlands Engine Investment Fund II with our BCRS Business Loans fund manager was straight forward. They understood the needs of our business and what kind of finance options would be best. Being able to not only protect jobs but create new ones, expand our machinery range and keep up with customer demand is really rewarding, and we're looking forward to seeing where the business goes next."
Jody Tableporter, director at British Business Bank, said: “The response to the launch of the Midlands Engine Investment Fund II has been incredibly positive. We know that businesses based here have huge growth potential and this fund can help them realise their ambitions.
“The British Business Bank plays an important role in supporting SMEs and widening access to a broader range of finance and lending options. We look forward to supporting more businesses and entrepreneurs across the West Midlands, helping them create a positive impact here in the region.”
Stephen Deakin, CEO at BCRS Business Loans, said: “Enabling more small businesses to access funding that allows them to start up, scale up and stay ahead is what the team at BCRS Business Loans is all about. To have already distributed £1 million in small business loans in just over five months is a fantastic achievement, and demonstrates the clear demand that exists for small business finance.
“BCRS Business Loans is proud to support small business owners with funds from £10,000 to £150,000, offering a range of options for all shapes and sizes of business.
“Our team of fund managers is here to help any business owner who is considering finance options. We want to see more people coming through the door and successfully qualifying for funding.”
The Midlands Engine Investment Fund II drives 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.
To find out more about the Midlands Engine Investment Fund II and apply for funding through regional fund manager partners, visit the website.
