The British Business Bank’s Midlands Engine Investment Fund II has allocated over £1m in small business loans through BCRS Business Loans, the appointed fund manager for the West Midlands.

Wolverhampton-based MTH Fabrications has received £50,000 through BCRS Business Loans.

The firm produces steel fencing products, including palisade, mesh, wrought iron gates and steel fabrications and the funding will support the company’s expansion plans, sustaining 20 existing jobs and creating three new positions.

It will also allow the business to acquire more steel and new machinery, thereby enhancing efficiency and production capacity.

Daniel Humphries, co-managing director at MTH Fabrications said: “We’ve experienced great business growth and a big influx of orders for our steel fabrications recently, and with that has come the need for us to expand.

“Applying for funding through the Midlands Engine Investment Fund II with our BCRS Business Loans fund manager was straightforward. They understood the needs of our business and what kind of finance options would be best. Being able to not only protect jobs but create new ones, expand our machinery range and keep up with customer demand is rewarding, and we’re looking forward to seeing where the business goes next.”

With a total of £400m available, the Midlands Engine Investment Fund II offers debt financing between £25,000 and £2m and equity investments up to £5m.

The fund aims to assist small and medium-sized businesses in the region to start, grow and advance.

Jody Tableporter, director at British Business Bank said: “The response to the launch of the Midlands Engine Investment Fund II has been incredibly positive. We know that businesses based here have huge growth potential and this fund can help them realise their ambitions.

“The British Business Bank plays an important role in supporting SMEs and widening access to a broader range of finance and lending options. We look forward to supporting more businesses and entrepreneurs across the West Midlands, helping them create a positive impact here in the region.”