PREVIOUS articles have introduced local businesses to the variety of business support projects available from the Northamptonshire Growth Hub aimed at helping Northamptonshire businesses to grow.
These projects include skills workshops, one-to-one adviser support and grant funding. As businesses get bigger, their on-going development and subsequent growth often needs the injection of more significant funding.
The Growth Hub website, www.northamptonshiregrowthhub.co.uk, is an excellent source of information to help business owners explore the range of funding options that are currently available. Our business advisers are also available to provide further information, advice and guidance.
One of the latest funding options to be announced is the Midlands Engine Investment Fund (MEIF) with a total value of £120m. This presents an exciting new opportunity for growing businesses in the East, South East and West Midlands. It has been established as a result of close collaboration between the British Business Bank, Department for Business, Energy and Industrial Strategy, Department for Communities and Local Government and the Local Enterprise Partnerships (LEPs) in the region.
In particular, the Northamptonshire Growth Hub’s governing LEP – South East Midlands Local Enterprise Partnership (SEMLEP) is a key partner in the project. The MEIF brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB) providing extensive funding opportunities to support business growth in the Midlands.
The MEIF project is aimed at eliminating regional imbalances in funding and is part of the British Business Bank’s objective to support fast-growth organisations and businesses looking to expand into new markets and boost productivity, supporting job creation.
The total fund is composed of two separate lots – £30m of small business loans valued between £25,000 and £150,000, as well as £90m of debt finance worth between £100,000 and £1.5m. The £120m fund is part of a wider £250m commitment, with further funding due to be made available later in 2017.
To find out how to access financial support from the fund and for more detailed information, visit www.meif.co.uk.
As a business develops their growth plan and perhaps as they pursue funding support, they may also want to take advantage of the direct support options available from the Northamptonshire Growth Hub. Our team of Growth Hub advisers are available to provide further information, advice and guidance, direct one-to-one support and, where appropriate, referrals to other specialist support providers.
The Northamptonshire Growth Hub was established in November 2013 to fulfil a need for business support for small and medium-sized enterprises (SMEs) in the county and in that time has helped over 4,000 businesses. It is based in the centre of Northampton in the Innovation Centre – a state-of-the art facility offering office space and meeting facilities.
The Northamptonshire Growth Hub handles over 500 calls every quarter, 70 per cent of which are established businesses but with a significant portion from pre-start and start-up enterprises.
To enquire about assistance for your business call 01604 212696 or email enquiries@northamptonshiregrowthhub.co.uk
