Barclays has launched a new £500m growth fund for small and medium-sized businesses in the North of England as part of the bank’s commitment to support the Government’s Northern Powerhouse initiative.
The new fund will inject investment into businesses across the region with favourable terms for manufacturing, transport and logistics companies, helping them to grow and create new jobs.
Launching the fund, 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 £500 million Northern Powerhouse Growth Fund, enabling businesses across the North to invest in jobs and growth.
“As the UK prepares for Brexit, it’s vitally important that businesses, civic leaders and Government work together to make the Northern Powerhouse a reality. That means supporting entrepreneurs and businesses to succeed, but it also means providing more ways into high quality work.”
Under the £500m Northern Powerhouse Growth Fund, businesses will also be able to offer a range of business lending services to support day-to-day cashflow, expansion and investment for growth, including:
* Up to £250,000 overdraft without the need for property security for transport and logistics, business services, wholesales and manufacturing companies1
* Fee free term lending up to £25,000
* Up to £100,000 lending without the need for tangible security3
* 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.
The fund is specifically aimed at established businesses with ambitious growth plans, start-ups with high growth potential, companies with early-stage equity funding and businesses focusing on innovation, research and development and technology.
More details on the fund and how to apply can be found at: https://www.home.barclays/news/2018/05/thornton.html