Barclays has launched a new £500m Northern Powerhouse Fund designed to boost SMEs in the region.
The fund offers favourable terms for manufacturing, transport and logistics companies, helping them to grow and create new jobs.
Barclays Group CEO Jes Staley said: “Barclays has been helping businesses across the North to succeed since the dawn of the Industrial Revolution, when we financed the world’s first steam locomotive passenger railway between Stockton and Darlington.
“Today, we face new economic challenges and opportunities posed by the digital revolution, the growth in competition from emerging markets, and of course, Brexit.
“The Northern Powerhouse is an initiative which, if delivered, would help the whole country to meet that challenge and take those economic opportunities. That is why I’m delighted to announce our £500m Northern Powerhouse Growth Fund, enabling businesses across the North to invest in jobs and growth.
“As the UK prepares for Brexit, it’s vitally important that businesses, civic leaders and Government work together to make the Northern Powerhouse a reality. That means supporting entrepreneurs and businesses to succeed, but it also means providing more ways into high quality work.”
Sir Richard Leese, deputy Mayor of Greater Manchester and board member on the Northern Powerhouse Partnership, added: “Small and medium-sized businesses have a crucial role to play in Greater Manchester’s economy.
“Anything which supports their growth and success, and helps us towards our goal of realising our full economic potential to create the maximum number of jobs and opportunities and help rebalance the national economy, is to be welcomed.”
