Barclays launches £370 million lending fund for SMEs in the Midlands

Barclays launchces lending fund for Midlands SMEs (c) Dale Martin

Barclays launchces lending fund for Midlands SMEs (c) Dale Martin - Credit: Dale Martin

Economic growth is being given a boost in the Midlands with the launch of a new £370m lending fund

The Barclays Midlands Growth Fund complements the £250m Midlands Engine Investment Fund - a collaboration between British Business Bank and the region’s 10 Local Enterprise Partnerships, which is part of the government’s drive to support around 1,500 SMEs and create 3,800 new jobs with debt and equity funding.

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.

“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.”

Sir John Peace, Chairman of the Midlands Engine, added: “This new commitment from Barclays will help even more Midlands businesses to grow, and I look forward to talking to many more financial services firms on how we can work together to boost jobs and economic development.”

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 and Lending and debt support, which can be combined with the Government’s Midlands Engine Investment Fund.

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