Bank launches £370m Midlands lending fund

Barclays has launched a new £370m lending fund aimed at SMEs in the Midlands.

The Barclays Midlands Growth Fund will see the region’s businsses 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; andlending and debt support, which can be combined the Government’s Midlands Engine Investment Fund.

Jes Staley, Barclays chief executive, 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.”