Funding will enable businesses Optimise Accountants and Renato Software to execute ambitious growth plans by investing in their product ranges and hiring a combined total of at least 16 employees in the region.
The Midlands Engine Investment Fund (MEIF) has provided two debt packages, committing a total of £410,000 to support local Nottinghamshire businesses.
The £200,000 loan to Optimise Accountants and the £210,000 provided to Renato Software will give the businesses’ capital to invest in and expand product lines as well as investing in several key functions in the business.
Jonathan Lowe, Director at Maven 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.”
Lewis Stringer, Senior Manager at British Business Bank, said:
“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.”
Sajeeda Rose, Executive at D2N2 Local Enterprise Partnership, said:
“I am delighted that the D2N2 backed Midlands Engine Investment Fund continues to invest 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 ambitious 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.”
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.
The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.