First Enterprise injects £1.1M into the East Midlands through the Midlands Engine Investment Fund II in one quarter

First Enterprise has successfully lent over £1.1m to small and medium-sized enterprises (SMEs) across the Midlands through the Midlands Engine Investment Fund II in just the first quarter of the 2024/25 financial year.

Delivered by the British Business Bank, the Midlands Engine Investment Fund II is designed to improve access to finance for smaller businesses across the Midlands, supporting innovation, job creation, and inclusive economic growth. First Enterprise is one of the five appointed Fund Managers tasked with delivering smaller business loans for the fund.      

Supporting growth across the East Midlands 

First Enterprise ensures funding reaches businesses from diverse communities across the whole of the East Midlands.

This quarter, loans have been distributed to businesses in Nottinghamshire, Derbyshire, Leicestershire, Northamptonshire, Lincolnshire, and surrounding areas, demonstrating a strong commitment to regional balance and economic inclusion. 

Empowering local businesses 

In the first three months of the financial year, First Enterprise has supported 17 businesses with loans ranging from £25,000 to £250,000, primarily through the Midlands Engine Investment Fund II (MEIF II), which offers funding up to £100,000. Additional funding came from other sources where needed. 

The funded businesses operate across multiple sectors, including healthcare and wellbeing, digital marketing and IT, manufacturing and retail, education and training, and transportation and logistics. 

This funding has helped create and safeguard more than 70 jobs, with businesses using loans to expand operations, invest in equipment, and launch new services.   

Promoting diversity and inclusion 

The businesses supported reflect the rich diversity of the Midlands’ entrepreneurial landscape. Among them: 

• 24% are led by women 

• 60% have leaders from ethnic minority backgrounds 

• Founders span a wide range of ages and experience levels 

This aligns with First Enterprise’s mission to provide inclusive lending and ensure that underrepresented entrepreneurs have the tools they need to succeed. 

"Reaching this milestone so early in the year demonstrates the ambition and resilience of East Midlands small businesses," said Daniel Carrico, Executive Director at First Enterprise. "What's particularly encouraging is our ability to reach businesses across all counties in the region - from Nottinghamshire to Northamptonshire. We're delivering Midlands Engine Investment Fund II loans that not only fuel business growth but ensure every corner of the East Midlands benefits from this economic opportunity." 

Danielle Davis, Deputy Director at First Enterprise, added: "The diversity of businesses we've supported this quarter truly reflects the entrepreneurial spirit of our region. From female founders to ethnic minority entrepreneurs across all age groups, we're seeing firsthand how inclusive finance can unlock potential in every community. This is exactly what the Midlands Engine Investment Fund II was designed to achieve." 

David Tindall, Senior Investment Manager, at the British Business Bank, said: “The Midlands Engine Investment Fund II was established to support business growth across the region, and it is encouraging to see small businesses benefiting from the fund. 

“Delivering more than £1million in funding in one quarter is testament to the ambition of small businesses in the Midlands. The Midlands Engine Investment Fund II is focused on expanding access to finance for entrepreneurs and companies across the region.” 

First Enterprise remains committed to maintaining this momentum throughout the remainder of the financial year, with plans to continue supporting SMEs across all sectors and communities in the East Midlands.