£370m Barclays fund for Midlands SMEs

£370m Barclays fund for Midlands SMEs

Barclays have announced the Midlands Growth Fund, which will help to boost jobs and economic growth in the region.

It 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.”

Sir John Peace, Chairman of the Midlands Engine, said: “The Midlands Engine is all about unlocking the significant potential that exists in our region. 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.”

Brierley Hill based Midlands Structures Limited manufactures structural steelwork and welded fabrications, for commercial, construction and private clients. Guy Whittaker, Director of Midlands Structures Limited, said:

“Having access to support funding, such as the Midlands Growth Fund, creates great opportunities for SME’s and micro-organisations to help develop and grow their business in the Midlands area.”

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.

Barclays has a network of 320 relationship colleagues in the Midlands, with expertise in their local markets and industry sectors, who are on hand to help businesses to grow.

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

Further information on the fund can be found here home.barclays/midlands-engine-fund