Barclays Bank has announced it is establishing a new £14 billion lending fund which forms part of an overarching initiative designed to help small and medium-sized businesses (SMEs) ‘flourish’ after Brexit.
Focused on building SME resilience during uncertain times, the package of support includes:
• A £14 billion dedicated lending fund for those businesses that are deemed important to the UK economy (turnover of £0-£25 million).
• More than 100 SME Brexit clinics and seminars being run in local communities across the country.
• An established network of on-the-ground relationship management experts and industry specialists, based across the UK.
The bank says these initiatives are designed to help SMEs think about managing cash-flow and working capital, as well as exporting goods abroad, labour, supply chain management, and broader issues of preparedness.
This fund is intended for SMEs at several stages of growth and development. It includes a range of business lending services, including:
• Business loans, commercial mortgages and overdrafts up to £250,000 working capital.
• Cash flow funding for investment in growth, management buyouts and business acquisition.
• Loans for innovative businesses looking for growth funding, capital and environmental investment.
• Maximising government schemes like The Enterprise Finance Guarantee programme.
Launching the fund, Barclays Group CEO Jes Staley, said:
"Barclays stands ready to help local businesses in towns, cities and rural communities, up and down the country, during this period of uncertainty.
"Today’s £14bn fund, along with our broader package of support, shows our commitment to the local businesses that are the backbone of the UK economy – we are here to help them plan for the future and invest for growth."