Barclays has announced that it has made a £50m of funds available to help small and medium sized enterprises (SMEs) and rural businesses impacted by the recent flooding.
The bank’s network of relationship managers have reached out to hundreds of businesses in counties across the UK, following Storms Ciara, Dennis and Jorge.
Following consultation with its customers, the Barclays has announced a package of support to aid businesses that may need it:
- A £50 million Adverse Weather Fund for businesses
- Access to Funding – 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking
- 12-month capital repayment holidays on existing loans over £25,000
- Increased or new overdraft facilities and other working capital solutions
Ian Rand, chief executive of business banking, said the bank wants to ensure that SMEs and farmers are aware of the support that they can receive from their bank as we aim to help them with the devastating impact of the flooding.
He commented: “We’ll continue to work with local communities over the coming weeks and months through this difficult period, and would urge any customers that are worried about their business to get in touch.”
For more information, customers can contact their Barclays relationship team, and visit: https://www.barclays.co.uk/business-banking/