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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank hires two new regional directors
Wyelands Bank has made two additions to its working capital solutions team...
Triodos Bank reports 17% growth in sustainable lending
Triodos Bank has reported a 17% year-on-year growth in sustainable lending for the year ended 31st December 2018...
Tandem introduces new savings account powered by AUTOSAVINGS
Tandem has launched a new savings account which pays 0.5% interest...
Project BankNorth picks nCino to provide digital banking platform
Project BankNorth has partnered with cloud-banking fintech nCino...
Curve to hire six country managers for international expansion
Curve has announced plans to open offices in Italy, Germany, France, Spain, Portugal and Poland...
Redefining SME banking technology
There has been significant change in the financial services sector in the past three to five years, one driven by new client expectations of customer experience, performance and speed of execution...
Unity Trust Bank reports 68 per cent profit rise
Unity Trust Bank increased its profits by 68% in 2018, having approved over £200m of lending to firms and projects...
OakNorth reveals plans for Manchester client-facing office
OakNorth’s Manchester client-facing office is expected to go live within two to three months, according to its chief operating officer Amir Nooriala (pictured above)...
SimplyBiz agrees to acquire Defaqto for £74.3m
The SimplyBiz Group has conditionally agreed to acquire the entire issued share capital of Regulus Topco Limited for a total consideration of £74.3m...
Training BDMs to the level required takes 'up to a year'
Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need...
A guide to 'Isa season'
If you’ve opened a newspaper or read the news online recently, you’ve probably come across the term ‘Isa season’ which focuses on how you should use your Isa allowance before the end of the tax year...