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Midlands businesses could get a lending boost after a new £50 million fund was launched by Allied Irish Bank (GB).

The bank said the fund combines flexible finance options with competitive daily banking and was aimed at owner-managed businesses seeking medium or long term capital finance for growth.

AIB’s regional director, Dominick O’Grady, said: “Our loan book is fully funded by customer deposits and we are very pleased that we can use this to support more owner-managed businesses and professional practices in the Midlands by lending to help them grow.

“We’re seeing an uplift in demand from companies who seem increasingly confident about the outlook for growth.

“While it may be too early to say the tide has turned, we’re experiencing a steady rise in enquiries for financing support across many local business sectors including healthcare, leisure, professional services and manufacturing.”

AIB’s head of GB business, Gerard O’Keeffe, said: “Many business lending initiatives are failing to connect in the º£½ÇÊÓƵ because banks are not taking into account the diversity of the so called SME sector.

“We deliberately made this a targeted programme because we know owner-managed businesses especially well, and as the engine of the economy, we want to make it as easy as possible for them to access capital and expand their businesses.”