The British Business Bank (BBB) has announced a new £300m ENABLE Guarantee to help Barclays Bank increase its provision of flexible asset finance to small businesses.
Barclays will use the capital benefits it derives from its participation in the programme to offer SMEs cashback on eligible asset financing, with the intention of stimulating SME demand for asset finance.
Karl Nolson, head of global lending group at Barclays Corporate Banking, said it wanted to help UK SMEs grow more quickly and by collaborating with the BBB, it could offer cashback to clients and boost their cash flow, encouraging them to invest in assets to drive their business forward.
“Working with our asset finance specialists, the companies we support will be able to spread costs over a term to suit them at a fixed or flexible interest rate.
“Rather than worrying about how to fund their growth ambitions, businesses will be able to focus on the important stuff – delivering improved goods and services to their customers in the UK and overseas.”
Patrick Magee, chief commercial officer at the BBB, said its recent small business finance markets report had found that asset finance was the most popular form of alternative finance used by smaller businesses.
“Promoting this important type of finance will encourage more business investment in equipment, plant and machinery.
“This in turn will help UK smaller businesses achieve their growth potential.
“We are delighted to be working with Barclays so that many more growing businesses will be able to access such finance.”
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