The British Business Bank’s Midlands Engine Investment Fund II has agreed more than £1.3m in small business loans through appointed fund manager for the East and South East Midlands First Enterprise, Enterprise Loans.
The milestone comes as 16 small businesses across the East and South East Midlands have benefited from small loans agreements since the fund launched earlier in the year.
The £400m Midlands Engine Investment Fund II covers the whole of the Midlands and provides debt finance from £25,000 to £2m and equity investment up to £5 million to help a range of small and medium sized businesses in the region to start up, scale up or stay ahead.
One business, Knit Nottingham, received £60,000 working with First Enterprise – Enterprise Loans. The independent yarn shop, located in the heart of Nottingham, applied for funding to help with purchase of the business from the previous owner for business expansion plans.
Founded in 2010, Knit Nottingham is a hub for knitting enthusiasts in the East Midlands. The shop gained fame after featuring on BBC’s Interior Design Masters and is known for its engaging workshops catering to all skill levels.
Hannah Byrne and Daniel Byrne, co-owners of Knit Nottingham, said: “The funds have helped us achieve our dream of owning a small business that also serves as a community hub for fellow creatives. Balancing life with a two-year-old and work, we thought this would be impossible, but our Investment Manager at First Enterprise – Enterprise Loans made the daunting process easy to follow and kept us updated every step of the way.”
Jody Tableporter, director, British Business Bank added: “The launch of the Midlands Engine Investment Fund II has been incredibly positive. We’ve seen a great response from businesses, and feedback from our appointed fund managers shows that the business owners in the Midlands are not only ready to grow their businesses – they’re excited by the prospect.
“The British Business Bank plays an important role in powering up small businesses by aiding access to finance and lending option types. The response to the new fund has been brilliant and we look forward to supporting more businesses and entrepreneurs in the future.”
Daniel Carrico, executive director at First Enterprise – Enterprise Loans said: “To have already distributed over £1 million in small business loans in just over four months is a fantastic achievement, and shows the popularity and demand that exists for small business finance. First Enterprise – Enterprise Loans is proud to support small business owners with a range of small loan options.
“Our team of fund managers is here to help any business owner who is considering finance options. We want to see more people coming through the door and successfully qualifying for funding, where they might previously have been refused.”
