The time it takes to arrange funding is one of the most common concerns from SMEs. In response, Barclays has announced initiatives to help SMEs.
Barclays doubles unsecured lending limit
Barclays has launched £100,000 unsecured lending – doubling its maximum for unsecured business loans for small and medium-sized enterprises (SMEs) from £50,000 to £100,000.
It states this pre-approval move will help SMEs get faster access to finance and seize opportunities they might otherwise miss out on if lending decisions are not made quickly enough. It also means business owners will not have to use their business premises or home as security.
Barclays has also introduced a new cashback scheme for flexible asset finance, to encourage businesses to invest in vehicles, equipment, plant and machinery. This is been facilitated by the British Business Bank's ENABLE guarantee programme. SMEs using hire purchase and leasing finance will benefit from 0.25% cashback on the finance of over £10,000. Businesses with up to 250 employees and a turnover of up to c£44m are eligible to apply.