Barclays launches £370M fund for Midlands SMEs to boost jobs & Growth

midlands business

Small and medium-sized businesses across the East and West Midlands received a welcome boost this week, as Barclays launched a new £370m lending fund to boost jobs and economic growth.

The new Barclays Midlands Growth Fund is more good news for the region and 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.”

Sajid Javid, Housing Secretary and Ministerial Champion for the Midlands Engine, said: “The Midlands Engine already boasts over 14 per cent of the UK’s high-growth businesses and its economy is worth more than £230bn – larger than countries like Denmark.

“We want to harness its huge potential and help give small firms across the Midlands that much needed boost to grow their business.

“Ensuring every part of the UK can play to its strengths and spread prosperity is central to our Industrial Strategy. This new fund from Barclays help us generate jobs to benefit the Midlands and the British economy as a whole.”

Matlock Transport Company Ltd is a family owned, road haulage business based in Matlock, Derbyshire. Director, Julian Lowe, 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.