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
Customers pay nearly £500 more than the advertised personal loan rate
Customers paying for an £8,000 personal loan over four years have paid on average £453 (2.61%) more than the advertised rate, according to the latest research...
Leek United appoints new Ashbourne branch manager
Leek United has appointed Abigail Bowden (pictured above) as the new manager of its Ashbourne branch in Derbyshire...
UTB enters specialist remortgage market
United Trust Bank (UTB) has launched a new residential remortgage product range...
FCA fines Bank of Scotland £45.5m for failing to report fraud suspicions at HBOS Reading
Bank of Scotland (BOS) has been fined £45.5m by the FCA for failing to disclose information about its suspicions of fraud...
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...