Barclays Bank has launched a new £500m Growth Fund for SME’s located in the North of England as part of the bank’s support for the government’s Northern Powerhouse initiative.
The Fund is designed to inject investment into businesses across the region, with a focus on the manufacturing, transport and logistics sector, to help create new jobs and grow their business.
The Fund is available to SMEs in the Northern Powerhouse region, including: established businesses with ambitions to grow, start-ups with high growth potential, businesses with early-stage equity funding and businesses that focus on innovation, technology and R&D.
Jes Staley, Barclays Group CEO, said: “Barclays has been helping businesses across the North to succeed since the dawn of the Industrial Revolution, when we financed the world’s first steam locomotive passenger railway between Stockton and Darlington.
“Today, we face new economic challenges and opportunities posed by the digital revolution, the growth in competition from emerging markets, and of course, Brexit.
“The Northern Powerhouse is an initiative which, if delivered, would help the whole country to meet that challenge and take those economic opportunities.
“That is why I’m delighted to announce our £500m Northern Powerhouse Growth Fund, enabling businesses across the North to invest in jobs and growth.”
As part of the £500m Northern Powerhouse Growth Fund, Barclays will be able to offer a range of businesses lending services to support day-to-day cashflow, expansion and growth investments, including:
- Up to £250,000 overdraft without the need for property security for transport and logistics, business services, wholesales and manufacturing companies
- Term lending fee-free up to £25,000
- Up to £100,000 lending without the need for tangible security
- Cash flow funding to invest in acquisitions and organic business growth
- Lending and debt support, which can be combined with the Government’s Northern Powerhouse Investment Fund
For more information about the fund and how to apply visit barclays.co.uk/business-banking or contact a local relationship manager on 0333 202 7446.
