Barclays has launched a new 500m growth fund for SMEs while in the North together with its resolve forpersistance to include the Government’s Northern Powerhouse initiative.
The new fund will inject investment into businesses throughout the region with favourable terms for manufacturing, transport and logistics companies, helping them to grow and build new jobs.
“The Northern Powerhouse is undoubtedly an initiative which, if delivered, would help the main country to meet up with that challenge and obtain those economic opportunities,” said Barclays Group CEO Jes Staley.
“That explains why I’m delighted to announce our 500 million Northern Powerhouse Growth Fund, enabling businesses across the North to obtain jobs and growth.”
Small Business Minister Andrew Griffiths added: “This Government is fully behind the entrepreneurs delivering jobs, growth and greater decision for consumers so it’s great to observe businesses like Barclays providing further investment to help Northern SMEs start-up and grow.
“Small firms are the backbone of the economy, auction web sites 1,000 being created daily throughout the country supporting nearly 3 million jobs and generating revenues of greater than 200 billion inside the North of England alone.”
Northern Powerhouse Partnership Vice-Chair and leading economist Lord Jim O’Neill said: “I have consistently said that with the Northern Powerhouse to become success and deliver a more balanced economy for that of the UK necessitates support and vision with the North’s leading businesses.
“This major fund from Barclays will significantly add to the potential of the SMEs throughout the Northern Powerhouse to embrace your next Industrial Revolution, incorporating innovation just like robotics and AI into everything they actually do.
“There is real momentum growing within the Northern Powerhouse, we hope the commitment Barclays and their CEO Jes Staley have demonstrated today might be matched by our political leaders in Whitehall therefore the Northern Powerhouse can truly fulfil its potential.”