Home Business NewsBusinessBanking News Barclays launches £50m adverse weather fund to support SMEs and farmers

Barclays launches £50m adverse weather fund to support SMEs and farmers

by LLB Reporter
2nd Mar 20 12:01 pm

Barclays has today announced that it has made a £50m fund available to help small and medium sized enterprises (SMEs) and rural businesses impacted by the recent flooding.

In the immediate aftermath of Storms Ciara, Dennis and Jorge, the bank’s network of relationship managers have been reaching out to hundreds of businesses in counties across the UK, letting them know that the bank stands ready to help.

The team has been out in communities to talk to customers about the help they need, and as a result has announced a package of support to aid businesses that may need it.

Barclays package includes a £50m adverse weather fund for businesses, with access to funding, 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking.

There will be a 12-month capital repayment holidays on existing loans over £25,000 with increased or new overdraft facilities and other working capital solutions.

Ian Rand, Chief Executive of Business Banking said, “We want to ensure that SMEs and farmers are aware of the support that they can receive from their bank as we aim to help them with the devastating impact of the flooding.

“We’ll continue to work with local communities over the coming weeks and months through this difficult period, and would urge any customers that are worried about their business to get in touch.”

The bank continues to support personal customers living in impacted areas, with bank managers assisting homeowners, as well as offering advice on overdrafts, increasing credit limits and capital repayment holidays on existing loans.

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