Barclays launches £50m Adverse Weather Fund
Barclays has created a £50m fund to help small and medium sized enterprises (SMEs) and rural businesses impacted by the recent flooding.
In the aftermath of Storms Ciara, Dennis and Jorge, the bank’s relationship managers have been talking to customers about the help they need, and as a result Barclays has announced a package of support to aid businesses that may need it.
As well as the weather fund, 360,000 SMEs could have pre-assessed lending limits which can be accessed via the Barclays app or online banking.
The bank is also offering 12 month capital repayment holidays on existing loans over £25,000, as well as 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.”