We’ve Delivered over £6.5m of MEIF Loans to SMEs

As a responsible finance provider, we have supported a total of 89 SMEs and created and safeguarded 203 jobs in the region since the start of the MEIF loan fund in 2017.

£2.7 million of this milestone has been provided since April – delivering a much-needed lifeline to many business owners who are finding business finance especially hard to access from high street lenders because of the coronavirus pandemic.

Some of the businesses we have helped with MEIF loans since the start of the pandemic include:

• Ripley-based Pentrich Brewing Co who received MEIF investment to help expand its production of cask beers, helping them to make both keg and canned beer and diversify during the pandemic.
• Derby-based polyurethane manufacturer, Complexia, who invested in new machinery following MEIF investment, helping them to move into new markets. The funding also created seven new jobs.
• Leicester-based Tuk In Foods who secured MEIF investment to progress their ambitious growth plans which included the development of a premium ready meals range, the launch of an online delivery service and a collaboration with Michelin Starred chef, Sajeev Nair.
• A Lincoln-based technology company, Tended Ltd, who launched a ground-breaking new safety device to help staff socially distance in the workplace following an MEIF investment.
• Ashfield-based Dovetail Technology who grew their operations and fulfilled worldwide orders of their portable laptop monitors following an MEIF investment.
• Skegness-based cheese company, Chuckling Cheese, who secured MEIF investment to adapt its business and build its online presence, creating 12 new jobs with more planned later this year.

First Enterprise – Enterprise Loans General Manager, Adrian Twelvetrees, said:

“We are delighted to have been able to support SMEs during this incredibly difficult time for business owners.

“The MEIF fund helps SMEs fulfil a wide range of business objectives and can be used for a wide range of purposes including filling gaps in growth capital, funding expansion projects, renting commercial premises and asset acquisitions. Without it, many businesses would have struggled to meet their objectives this last year.”

As the MEIF Fund Manager for the East Midlands and South East Midlands, we offer small business loans ranging from £3000 to £150,000 under the scheme, which we can top up to £250,000 using other funds.

First Enterprise – Enterprise Loans supports the MEIF’s aims to transform the financial landscape for smaller businesses in the Midlands to help the region achieve economic growth through enterprise.

We are also one of the accredited delivery partners of the Coronavirus Business Interruption Loan Scheme (CBILS) which supports businesses affected by the pandemic and is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS).