SMALL and medium-sized businesses across Cheshire are being invited to apply for a share of a new £500 million growth fund launched by Barclays.

The bank has launched the scheme as part of the Government's 'Northern Powerhouse' initiative.

Funds are available from today to inject investment, with favourable terms for manufacturing, transport and logistics companies, helping them to grow and create new jobs.

Launching the fund, Jes Staley, Barclays Group CEO, said: "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 £500 million Northern Powerhouse Growth Fund, enabling businesses across the North to invest in jobs and growth."

Small Business Minister Andrew Griffiths said: "This Government is fully behind the entrepreneurs delivering jobs, growth and greater choice for consumers so it's great to see businesses like Barclays providing further investment to help Northern SMEs start-up and grow."

Under the £500m Northern Powerhouse Growth Fund, Barclays will also be able to offer a range of business lending services to support day-to-day cash flow, expansion and investment for growth, including:

* Up to £250,000 overdraft without the need for property security for transport and logistics, business services, wholesales and manufacturing companies

* Term lending fee-free up to £25,0002

* Up to £100,000 lending without the need for tangible security3

* Cash flow funding to invest in acquisitions and organic business growth

Lending and debt support, which can be combined with the Government's Northern Powerhouse Investment Fund

* More details on the fund and how to apply can be found at barclays.co.uk/business-banking or via a local relationship manager on 0333 202 7446.