£200m fund to target high-growth Mids companies
Banking giant Santander said it has selected a group of Midlands-based businesses it will target through its new £200m lending scheme.
Santander's Breakthrough fund aims to provide growth capital loans to UK companies and has identified 825 fast-growth businesses in the West Midlands as investment targets.
Breakthrough will invest in companies with annual turnover of up to £10m which are said to have a demonstrated history of high year-on-year growth in turnover, profit or employment.
The regional businesses which were selected from research by Santander and data analyst Experian employ 32,000 staff and have a combined net worth of more than £827m.
Investment from the fund is set to help companies create local jobs and drive economic growth.
Alongside finance, Breakthrough will also offer businesses access to support and development programmes including fully-funded overseas trade missions; internships; networking events and training courses.
Steve Pateman, executive director of corporate, commercial and business banking, said: "We know that there is a recognised funding gap for companies with a turnover of under £10m looking for growth capital, and we want to help fill that gap.
"This is part of the role that banks can play in supporting a private-sector led recovery and stimulating local economic growth."
