£250m fund for SMEs limps across starting line
The Midlands Engine Investment Fund (MEIF) has today limped across the starting line, launching less than half of the funds that then-Chancellor George Osborne promised in his Budget 17 months ago.
The Government-owned British Business Bank has now made available £120m through debt finance for SMEs in the Midlands that will be distributed over the next five years.
Equity funding of £100m remains tied up in red tape, after a legal challenge resulted in the procurement process for two lots being re-run.
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