Businesses across the Midlands now have access to millions of pounds worth of finances to help them grow, following the launch of two new funds.
£100 million fund which will be available to small businesses from across the Midlands as part of the £250 million Midlands Engine Investment Fund (MEIF) recently launched by the British Business Bank (BBB).
A new £370 million Midlands Growth Fund launched by Barclays Bank will be available to businesses in the region.
The Rt Hon Sajid Javid MP, the Midlands Engine Ministerial Champion, said: “The Midlands Engine already boasts over 14 per cent of the UK’s high-growth businesses and its economy is worth more than £230 billion – larger than countries like Denmark.
“We want to harness its huge potential and help give small Midlands firms that much needed boost to grow their business.”
Sir John Peace, Chairman of the Midlands Engine, added: “The Midlands is well placed to deliver UK productivity and economic growth.
“Improving our productivity to the national average would add £54 billion to our economy.
“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.”
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.”
The Midlands Engine Investment Fund and the network of Local Enterprise Partnerships (LEPs) are now hosting events across the Midlands to provide intermediary advisers with the opportunity to learn more about the MEIF £100m SME funding available and how to apply.