Bank fund to aid West Midlands SMEs

The Barclays Midlands Growth Fund follows on from the £250m Midlands Engine Investment Fund,. The collaboration between British Business Bank and the region’s 10 local enterprise partnerships is part of the Government’s drive to support around 1,500 small and medium-sized enterprises and create 3,800 new jobs with debt and equity funding.

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.”

Guy Whittaker, director of Brierley Hill based Midlands Structures said: "Having access to support funding, such as the Midlands Growth Fund, creates great opportunities for SMEs and micro-organisations to help develop and grow their business in the Midlands area.”

Midlands Structures manufactures structural steelwork and welded fabrications, for commercial, construction and private clients.

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 the Government’s Midlands Engine Investment Fund.

The fund will be available for five years demonstrating Barclays long-term commitment and matching the term of the Midlands Engine Investment Fund.

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