June 1st 2018.

Barclays is launching a new £500 million growth fund for small and medium-sized businesses in the north of England.

The fund is part of the bank’s commitment to support the government’s Northern Powerhouse initiative.

It aims to inject investment into businesses across the region, with favourable terms for manufacturing, transport and logistics companies, helping them to grow and create new jobs.

The Barclays fund is intended for SMEs in the Northern Powerhouse region, including: established businesses with ambitious growth plans; start-ups with high growth potential; companies with early-stage equity funding and businesses focusing on innovation, R&D and technology.

What’s involved?
Under the Northern Powerhouse Growth Fund, businesses can get an overdraft up to £250,000 without the need for property security for transport, business services, wholesales and manufacturing companies.

They can also get term lending fee-free up to £25,000, up to £100,000 lending without the need for tangible security, and cash flow funding to invest in acquisitions and organic business growth.

To top it off, they can get lending and debt support, which can be combined with the Northern Powerhouse Investment Fund.

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