News

05 February 2019

£410,000 backs businesses’ growth plan

A major investment – part-funded by the D2N2 Local Enterprise Partnership – will enable two Nottinghamshire firms to grow their business and create jobs.

Optimise Accountants of Meadow Lane, Long Eaton, will receive a £200,000 loan and Renato Software of High Street, Ruddington, a £210,000 loan; providing the two businesses with the capital to invest in and expand product lines, as well as create a total of at least 16 new jobs.

The funding has come from the Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund, which provides commercially focused finance through small business loans, debt finance, proof of concept and equity finance funds. It aims to transform the finance landscape for Midlands’ smaller businesses and realise the region’s potential for economic growth through enterprise.

The MEIF’s £250m in resources is made up of Government, British Business Bank and European Investment Bank (EIB) funding; and European Union funding drawn from European Regional Development Fund (ERDF) money previously allocated to LEPs. Up to £78.5m in MEIF funds will come from the Midlands LEPs, including £11.75m from the D2N2 LEP.

Sajeeda Rose, Chief Executive Officer at the D2N2 Local Enterprise Partnership, said: I am delighted that the D2N2-backed Midlands Engine Investment Fund continues to invest in and support growing firms, such as Optimise Accountants and Renato Software.

"I would urge all small and medium sized firms in our area, that have ambitions plans to grow, to get in touch with the D2N2 Growth Hub on 0333 0069178 to see how we can support them in their plans.”

Lewis Stringer, Senior Manager at the British Business Bank, added: “Providing SMEs with the finance needed to fulfil their ambitions is what the Midlands Engine Investment Fund was created to achieve. Both Optimise Accountants and Renato Software prove Nottinghamshire is a hotbed of aspirational businesses, with access to finance in the region key to the next steps in their journey.”

Jonathan Lowe, Director at Maven – responsible for delivering new investment of existing holdings - said: “Maven is thrilled to be supporting two local companies to help them execute their growth plans.

“Optimise is a well-regarded local professional services firm providing accountancy services, that is well placed to capitalise on the growing demand for business advice as company structures become more complicated, and which has proven that investing into marketing and staff can have a positive impact on turnover and profitability.

“Renato has created a phenomenal software product for schools and educational establishments, which goes beyond the usual confines of local network-based systems, and is robust, flexible and reliable enough for all network and classroom management needs. Our Midlands team looks forward to working with both businesses to support their next phase of development.”

To learn more about the Midlands Engine Investment Fund go to its website at www.meif.co.uk/ 

For more on the D2N2 LEP’s European Union funding resources and how it is using these to boost the economy of its area of Derby, Derbyshire, Nottingham and Nottinghamshire go to its website at www.d2n2lep.org/EUFunding

Media wanting more information about this article can contact Phillip Roughan, D2N2 Social Media and Marketing Officer, on 0115 957 8250 or email: Phillip.roughan@d2n2lep.org