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
Monese introduces student account
Monese has launched a student account for international and domestic students...
Tide secures £8m of funding
Tide has received £8m of new funding as it plans to move into its next stage of growth...
Starling Bank introduces personal loan products
Starling Bank has launched its first personal loan products offering up to £5,000...
Industry reacts to bank service league tables
Earlier this week, the Competition and Markets Authority (CMA) released the survey results ranking banks on their quality of service...
So you've signed up to the Women in Finance Charter – what now?
In July, it was revealed that 272 companies had signed up to HM Treasury’s Women in Finance Charter, covering over 760,000 financial services employees in the UK...
OakNorth completes its largest deal to date
OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group...
Industry predicts the future of banking
Banking is forever evolving, with new entrants to the market and modern technology being introduced on a regular basis...
Triodos Bank provides £7m facility to First Choice Housing Association
Triodos Bank has provided £7m of funding to First Choice Housing Association (FCHA), which provides accommodation for vulnerable people across Wales and Shropshire...
The role of banks in the smart city
Smart city is a great buzzword. The term envisages a city where information and communication technologies like ‘the internet of things’ are connected to enhance the quality and performance of urban cities and thus urban living itself...
Tesco Bank offers cashback remortgage products
Tesco Bank has started offering customers cashback on a new range of remortgage products...
Handelsbanken ranks top for business current account service
Handelsbanken has topped the rankings of Great British SME current account providers, according to a survey ordered by the Competition and Markets Authority (CMA)...