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Barclays announces £14bn lending fund for SMEs

Barclays has announced that it will be launching a £14bn lending fund as part of its new package for SMEs.

Barclays announces £14bn lending fund for SMEs
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Alongside the fund, the bank said it will be hosting over 100 SME Brexit clinics and establish a network of relationship management experts.

The UK lender said that the package would help support SMEs to build “resilience during uncertain times”.

The decision to create a new SME package follows last year's RBS GRG scandal, as big banks attempt to rebuild SME trust in lending.

"Barclays stands ready to help local businesses in towns, cities and rural communities, up and down the country, during this period of uncertainty. Today’s £14bn fund, along with our broader package of support, shows our commitment to the local businesses that are the backbone of the UK economy – we are here to help them plan for the future and invest for growth," Barclays CEO Jes Staley said. 

Elsewhere, a survey from the Institute of Directors (IoD) has revealed six out of ten business leaders want MPs to support a Brexit deal which would see the UK closely aligned to the EU’s single market, the FTreports.

According to a recent poll, 55% of company directors stated that a Brexit deal would need to ensure UK tariffs were aligned with the EU.

"Politicians who claim to prioritise the UK’s future economic success must take account of the views of business leaders, who understand better than anyone the impact of the changes that are coming to our relationship with our largest trading partner," IoD interim director general Edwin Morgan said. 

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