Midlands Engine Investment Fund (MEIF) has invested over £200m into Midlands businesses since its launch in 2017 – including into companies here in Sandwell.

What is MEIF?

The British Business Bank launched MEIF in partnership with Local Enterprise Partnerships, the Midlands Engine and the UK government. Together they wanted to improve small businesses’ access to finance in the Midlands.

The various funding options offered by MEIF have benefited 595 businesses across the region. They have supported SMEs in multiple sectors with the creation of 2371 jobs, investment into new products and services, and wider growth opportunities.

‘Considerable investment’

Here in Sandwell, MEIF is already helping Online Poundshop Ltd. The Wednesbury-based e-commerce platform offers a wide variety of top brands and essential products at a discounted price, direct to customers across the UK.

Online Poundshop Ltd was founded by Steven Smith, the pioneer of Poundland, and is led by Chris Maddox, former CEO of The Works.

Thanks to MEIF, Online Poundshop has secured considerable investment from venture capital firm Midven. This will allow the company to upgrade its current warehouse systems and create new jobs – including marketing and distribution roles.

Coronavirus funding boost

Some MEIF funding came at a time of relative crisis.

In Tipton in 2020, a manufacturer of power supply units received an £85,000 coronavirus funding boost via BCRS Business Loans. As we reported in July 2020, PSU Designs had a healthy order book, but Covid-19 disruption made fulfilment more difficult and reduced company turnover.

PSU Designs used the funding to safeguard jobs by supporting its cash flow until operations could return to pre-lockdown levels. We shared this story on Think Sandwell in 2020.

Find out about funds available via MEIF.

See our Growing your business page for more ideas for boosting the success of your Sandwell company.