Finance Birmingham launches £56m mezz fund
A ТЃ56m mezzanine fund has been created to support SMEs in the Midlands, following the establishment of a partnership between three Midlands-based local enterprise partnerships (LEP).
The newly created fund will be managed by growth capital provider Finance Birmingham.
Investments
The fund will seek to invest in more than 40 SMEs across Greater Birmingham, Solihull and the Black Country.
Businesses can apply for loans of between £250,000-2m, to be provided as mezzanine loans.
The fund's investment period will run from May 2014 to March 2019.
Investors
The vehicle has been funded by the Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP), the Black Country LEP and the West Midlands Pension Fund, as well as the UK government's Regional Growth Fund.
The West Midlands Pension Fund has committed £28m to the vehicle.
People
Albert Bore is the leader of Birmingham City Council. Pat Hanlon is the board director of GBSLEP. Sue Summers is CEO of Finance Birmingham.
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