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
Coutts partners with Mortgage Brain to offer products to intermediaries
Private bank Coutts has partnered with Mortgage Brain to make its products available – via the latter’s platforms – to UK intermediaries...
Charter Savings Bank launches two new accounts
Charter Savings Bank has introduced two new accounts: a 95-day notice account and a three-year fixed rate cash Isa...
FP Show reveals its largest and most diverse conference programme
The Finance Professional Show has confirmed its largest conference programme to date, hosting a selection of varied sessions throughout the event next month...
47% of SMEs prepared to move away from traditional banks
Almost half of SMEs in the UK (47%) would move to a challenger/digital bank or non-banking brand if they decided to switch, according to the latest research by Unisys Corporation...
Monese launches business account
Monese has launched a business account in the UK which will be bundled with its personal banking account...
Metro Bank provides £14m facility to support London office acquisition
Metro Bank has provided Kingsway Properties London with a £14m investment facility to support the acquisition of a five-storey office building in central London...
Tandem introduces new credit card blocking feature
Tandem has created a new card-blocking feature for its banking app which allows customers to react instantly to a misplaced card...
Trinity College Dublin secures €100m EIB facility
The European Investment Bank (EIB) has provided a €100m long-term loan to Trinity College Dublin for four capital developments across the campus...
Arbuthnot Banking Group completes testing phase of direct deposits business
Arbuthnot Banking Group has announced that the internal pilot offering of its direct deposits business will commence soon...
Anna to launch business current account for creative UK SMEs
Hybrid digital assistant Anna has announced plans to launch a UK business current account aimed exclusively at supporting SMEs in the creative industries...
Masthaven reaches £500m in assets
Masthaven has announced that it has generated £500m in assets driven by the growth in its diversified lending across short-term and long-term property finance...