Coventry & Warwickshire businesses benefit as MEIF lends £2 million
Three businesses based in Coventry and Warwickshire have secured a total of £2 million from the Midlands Engine Investment Fund (MEIF). The firms receiving the MEIF Debt Finance, managed by Maven Capital Partners, include manufacturer of telematics software, Trakm8, engineering consultancy, Productiv and e-cargo electric bike supplier, Eskuta.
Totalling £2 million, the finance will enable the companies to accelerate their growth plans and create new jobs in Coventry & Warwickshire.
Coleshill-based Trakm8 specialises in developing telematics technology, used by insurers or businesses to manage their fleet of vehicles. The business has received a £1.5 million business loan to increase product stock and support fleet sales, creating 10 new roles.
Eskuta which is headquartered in Nuneaton is an e-cargo electric bike supplier that supports the restaurant delivery sector. The firm also received £250,000 to expand its premises and boost its stock levels to meet growing demand.
Productiv is a Clean Engineering product development company which works with inventors to turn their technologies into products and accelerate them to market and production. The Company provides technology, manufacturing and commercial readiness development support.
Andy Povey, Investment Manager for MEIF West Midlands, said: “We are pleased to announce the completion of these deals in the Coventry & Warwickshire region. All three businesses are reputable, established companies that are ready to take the next step in their growth journey. Having received the funds, the firms can now increase stock, expand their facilities, undertake new projects, hire employees and further strengthen the LEP area. We look forward to working alongside the businesses to help them achieve their growth objectives over the coming years.”
Ryan Cartwright, Senior Manager at the British Business Bank said: “It is good to see finance from the Midlands Engine Investment Fund being used to drive business growth and create new employment opportunities in Coventry and Warwickshire and would encourage other SMEs across the whole midlands region to consider the MEIF as a potential funding source.”
Sean Farnell, board director at the CWLEP, said: “Innovation is key to the success of businesses and it is great to see these four companies have it in abundance. Their growth is boosting the economy in Coventry and Warwickshire as well as creating jobs and I hope this great news will encourage other entrepreneurs to follow their dreams.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.