The British Business Bank’s Midlands Engine Investment Fund II has agreed more than £1 million in small business loans through appointed fund manager for the West Midlands, BCRS Business Loans.
The milestone comes as 18 small businesses across the West Midlands have benefitted from small loans agreements since the fund launched earlier in the year.
The £400 million fund covers the whole of the Midlands and provides debt finance from £25,000 to £2m and equity investment up to £5m to help a range of small and medium-sized businesses in the region to start up, scale up or stay ahead.
Wolverhampton based MTH Fabrications secured £50,000 through fund manager, BCRS Business Loans. Renowned for producing a wide range of steel fencing products including palisade, mesh, wrought iron gates and bespoke steel fabrications, the business has experienced exceptional growth.
The funding will help to maintain the business’ momentum and boost expansion plans, supporting 20 jobs and creating three new roles in the area. The funding will also provide the capital to meet increasing demand by allowing the company to order more steel and purchase new machinery, further 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 really rewarding, and we’re looking forward to seeing where the business goes next.”
Jody Tableporter, director at British Business Bank added: “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.