Insider Media Limited

Midlands companies seeking access to finance are still facing a “varied” picture, according to Sue Summers, chief executive of Finance Birmingham and new co-owner of Investbx. Speaking at an Insider round table event in Birmingham, Summers said the city council’s Business Loan Fund was assisting in filling the lending gap, but acknowledged there were still holes to fill.

Summers’ comments came as it was announced that she, alongside Investbx board member John Handley, had bought the Birmingham-based exchange.

Speaking at Insider’s access to finance event, Summers admitted that companies in the Midlands were facing differing circumstances when it comes to accessing funding and investment.

She said: “The picture perhaps varies depending on the amount of finance small and medium sized businesses are looking for. Certainly on the loan fund, where we are providing access up to £1m there is demand.

“It’s fair to say that banks are open for business but there is a lending gap. The Business Loan Fund is certainly assisting in filling that gap. Most of the investments we make are around £250,000 to £300,000.”

Investbx was put up for sale by regional development agency Advantage West Midlands in December last year as the organisation prepared to close permanently.

The pair purchased the local stock exchange through the formation of a new company called Colmore Row Managed Services.

The sum of the deal was not disclosed. Since its inception in 2007, three companies have listed on the exchange, which aims to help small businesses raise funds through investment.

The companies which listed on the exchange include Teamworks Karting, a Birmingham-based indoor go-karting business and Key Technologies, which is the holding company of a group of engineering companies.