WORCESTERSHIRE businesses could be in line for a share of a £100m fund Barclays has launched to help fast growing technology companies accelerate to the next level.

The initiative will see the bank backing some of the most innovative UK technology businesses with lending of up to £5m, repayable over three years.

Launching the new fund, Wayne Taylor, head of corporate and business banking for Barclays in Worcestershire said: "This new fund offers a welcome boost to growing UK technology firms and will provide a catalyst for their development into larger companies. It is part of our plans to deliver the kind of pro-growth financial backing for UK business that US firms already enjoy. We identified a significant gap in the traditional way technology businesses were financed, and with this new drive we will be truly able to support businesses right from their inception, to becoming major global players.

“Entrepreneurs and SMEs are the life blood of the UK economy and the technology sector is an incredible incubator for many of these talented individuals and businesses. The rapid growth we’ve seen in the UK rivals the activity and dynamism of Silicon Valley with record levels of investment from the US into London-based technology firms in particular.

“Fast-growth technology companies in the US have long been able to access debt finance early in the life cycle, and some of the most successful US technology firms, including Facebook and Google, have grown their businesses with help from this type of funding, and locally we need to identify, nurture and support such propositions. We believe it is important for fast-growth technology companies in the UK to be able to access a similar range of financing solutions, including early-stage debt funding, which together with existing equity investment can provide businesses with a more efficient capital structure."