Barclays has launched a new £370 million Midlands Growth Fund aimed at SMEs in the East and West Midlands, to help boost jobs and economic growth in the region.

The fund follows in the wake of the £250 million Midlands Engine Investment Fund (MEIF) launched at the end of last month by the Government’s British Business Bank (BBB).

A collaboration between BBB and the region’s 10 local enterprise partnerships is part of the Government’s drive to support around 1,500 SMEs and create 3,800 new jobs via debt and equity funding.

Jes Staley, Barclays CEO, said: “As a bank with Midlands roots, Barclays is wholeheartedly committed to the success of this region.

“It is the entrepreneurs, the new tech firms, the small manufacturers, and the world-leading research and development companies that will help the Midlands become a heartbeat of the UK economy — and Barclays is keen to play its part to make that happen.”

Midlands-based manufacturing companies will be eligible for: overdrafts up to £250,000 without the need for property security; cashflow funding to invest in acquisitions and organic business growth; and lending and debt support, which can be combined with the MEIF.

The Barclays fund will be available for five years, demonstrating the bank’s long-term commitment and matching the term of the MEIF.