12th December 2018

Enterprise Loans invests £2 million into local economy

BUSINESS support and funding provider Enterprise Loans East Midlands (ELEM) has invested more than £2 million pounds into the economy after being awarded its largest ever funding pot by the BritishBusiness Bank last year.

Enterprise Loans successfully won a competitive tender for the Midlands EngineInvestment Fund (MEIF) – delivered by the British Business Bank – to provide loans of between £25,000 to £150,000to support the growth ambitions of businesses across the East and South EastMidlands region.

Since September 2017 the ethical loan provider has lent £1,172,500 from the MEIF and £967,500 from ELEM funding, resulting in an impressive £2,140,000 being pumped into the local economy. This funding has supported 26 businesses and created or safeguarded 231 jobs.

Neil Millington, loan fund manager at Enterprise Loans, said: “Thanks to the MEIF funding we’ve been able to support even more fantastic businesses and budding entrepreneurs across a number of sectors. Small businesses are the backbone of this country and we’re passionate about helping people to grow and develop their companies.

“It’s more apparent than ever that Midlands’ businesses need support to flourish. Whether they need funding and advice or help getting started, investing in new premises or equipment, we are here to support them.”

Grant Peggie, Director atBritish Business Bank commented; “We’re delighted to see Enterprise Loans reach this milestone figure of investments made, successfully deploying small business loans across the East and South East Midlands. Increasing the opportunities available to smaller businesses looking to scale-up is exactly what the fund was set up to do and we would encourage other small growing businesses to consider applying for funding.”

The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.For more information on Enterprise Loans visit www.first-enterprise.co.uk or follow @1st_Enterprise on Twitter. For further information on the MEIF please visit www.meif.co.uk or follow @MidsEngInv.