A new £120 million fund aimed at boosting small businesses in the West Midlands has been launched.
The capital is the first wave of funding from the £250 million Midlands Engine Investment Fund operated by the British Business Bank which was founded in 2014 and is the UK's national economic development bank.
The Midlands Engine Investment Fund is a collaboration between the bank, the Department for Business, Energy and Industrial Strategy, the Department for Communities and Local Government and ten local enterprise partnerships in the Midlands.
The £120 million fund is composed of two separate lots - £30 million of loans between £25,000 and £150,000 and £90 million of debt finance worth between £100,000 and £1.5 million.
The fund's launch has been marked with the publication of a new report on the current state of the regional economy and funding landscape.
Called 'Spotlight: The Midlands Engine Investment Fund', it draws on the British Business Bank's own research together with other data and highlights the opportunities for businesses across the Midlands region to reach their economic potential.
The report says the Midlands' economy contributes 13 per cent of the UK's economic output, that 14 per cent of all high-growth businesses are located in the region and the five-year business survival rate is higher in the East and West Midlands than in London.
Communities secretary Sajid Javid: "The investment fund is a key part of our Midlands Engine Strategy to help create more jobs and boost skills in the region.
"This financial support will enable local businesses to grow, move in to new markets and boost productivity."
Business secretary Greg Clark added: "The UK is a world leader in business and innovation.
"This is why we want all corners of the country to experience the benefits of enterprise, growth and jobs created by new businesses.
"The Midlands Engine Investment Fund is an important part of our modern industrial strategy which will help entrepreneurs across the thriving Midlands region access the funding and support they need to start, grow and invest in their future."
