Small and medium-sized businesses across the East and West Midlands have received a welcome boost as Barclays launched a new £370m lending fund to boost jobs and economic growth.
The new Barclays Midlands Growth Fund is more good news for the region and follows on from the £250m Midlands Engine Investment Fund (MEIF) launched last week. The collaboration between British Business Bank and the region’s ten Local Enterprise Partnerships, is part of the government’s drive to support around 1,500 SMEs and create 3,800 new jobs with debt and equity funding.
From Birmingham to Nottingham, and Hereford to Skegness, entrepreneurs, smaller manufacturers, tech firms and companies investing in innovation and growth, all stand to benefit.
Jes Staley, Barclays CEO, said:
“As a bank with Midlands roots stretching back over two centuries, Barclays is wholeheartedly committed to the success of this region.
“That is why I’m so proud to announce our new Midlands Growth Fund, to help businesses across the East and West Midlands invest in jobs and growth.
“It is the entrepreneurs, the new tech firms, the small manufacturers, and the world-leading research and development companies, which will help the Midlands become a heartbeat of the UK economy – and Barclays is keen to play its part to make that happen.”
The new fund is just one part of Barclays long-term commitment to the Midlands. The bank recently invested in the full purchase of its major employment site in Northampton, and also employs large numbers of colleagues in Coventry, Leicester and at Snow Hill, Birmingham.
Midlands-based businesses will be eligible for:
- Up to £250,000 overdraft without the need for property security for manufacturing companies
- Cashflow funding to invest in acquisitions and organic business growth
- Lending and debt support, which can be combined the Government’s Midlands Engine Investment Fund.
The fund will be available for five years demonstrating Barclays long-term commitment and matching the term of the Midlands Engine Investment Fund.
Further information on the fund can be found here: home.barclays/midlands-growth-fund