Small businesses in Northamptonshire have benefited from a share of more than £1.1 million in loans distributed by First Enterprise in the first quarter of the financial year, as part of the Midlands Engine Investment Fund II (MEIF II).
The fund, delivered by the British Business Bank, aims to broaden access to finance for small and medium-sized enterprises (SMEs) across the Midlands, supporting business growth, job creation and economic inclusion. First Enterprise is one of five fund managers selected to deliver smaller business loans through the scheme.
Supporting business across Northamptonshire
In the three months to the end of June, First Enterprise provided loans to 17 businesses across the East Midlands, including several in Northamptonshire. Funding ranged from £25,000 to £250,000, with the majority of lending delivered through MEIF II, which offers loans of up to £100,000.
Sectors supported include manufacturing, retail, healthcare, education, digital services and logistics, with businesses using the capital to expand operations, invest in equipment and launch new services. The funding has so far helped to create and safeguard more than 70 jobs.
A focus on inclusion
First Enterprise said that nearly a quarter of the businesses supported were led by women, while 60 per cent had leadership from ethnic minority backgrounds. The organisation’s stated aim is to ensure underrepresented groups have equitable access to finance.
Daniel Carrico, Executive Director at First Enterprise, said: “This early milestone highlights the scale of ambition among small businesses in the East Midlands. We’re particularly proud to be reaching businesses in Northamptonshire, which continues to show strong entrepreneurial activity across a wide range of sectors.”
Danielle Davis, Deputy Director at First Enterprise, added: “From female founders to entrepreneurs from ethnic minority backgrounds, the diversity of leaders we’re backing reflects the dynamism of the region. These are exactly the kind of businesses MEIF II was established to support.”
David Tindall, Senior Investment Manager at the British Business Bank, said the fund was delivering on its core purpose: “Providing more than £1 million in funding in just one quarter underlines the appetite for growth among small businesses. Expanding access to finance across all counties, including Northamptonshire, is central to our mission.”
Continued momentum
First Enterprise says it intends to maintain the current pace of lending throughout the year, as it continues to support SMEs across Northamptonshire and the wider region.
