Midlands Engine Investment Fund - Early Assessment Report

SQW, supported by the Centre for Enterprise and Economic Development Research (CEEDR) at Middlesex University, Belmana and BMG Research, has been commissioned by the British Business Bank (the Bank) to evaluate the Investment Funds across the Northern Powerhouse, Midlands Engine, and Cornwall and Isles of Scilly. This report covers the early assessment of the Midlands Engine Investment Fund (MEIF) which took place between September 2019 and March 2020.

The focus of this early assessment is on the processes (i.e. the customer journey, how effectively the Fund is being delivered, and how this can be improved), as well as emerging intermediate outputs/outcomes for participating businesses, and the impact on the wider finance ecosystem. The evidence presented draws on an analysis of monitoring and contextual data, in-depth consultations with management, governance, delivery partners and external stakeholders, surveys with beneficiaries and non-beneficiaries, and case studies with 6 businesses.

An interim evaluation of MEIF is planned for 2021/22, where the emphasis will be on net impacts achieved (for beneficiaries and the wider ecosystem) and value for money.