Welcome news for the business community in the North this week after a new fund was launched to provide investment into small and medium-sized enterprises across the region; providing an additional boost to the Northern Powerhouse initiative.
The £500m Northern Powerhouse Growth Fund from Barclays aims to boost economic growth by helping businesses in the Northern Powerhouse region to grow and create jobs, with particularly favourable terms for manufacturing, transport and logistics companies.
Under the Growth Fund, Barclays will also offer a range for business lending services to support day-to-day cash flow and expansion, and will open Eagle Labs in Sheffield and Newcastle – dedicated creative co-working spaces for start-ups to collaborate.
Rob Shaw, managing director at Glu Recruit said: “This new fund will provide a huge boost to businesses situated in the Northern Powerhouse, enabling them to invest in job creation and expand.
“It’s important that businesses and entrepreneurs are supported in order to make the Northern Powerhouse a reality, and it’s great to see a focus placed on supporting SMEs and start-ups.
“An increase in prospering businesses has the potential to put the North on the map as a thriving business community.”