Barclays Announces £50 Million Fund for Businesses Hit by Flooding
Barclays Bank has announced that it has created a £50 million 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 network of relationship managers is appealing to hundreds of businesses in counties across the UK, advising them that Barclays stands ready to help them financially.
The bank has announced a package of support for affected businesses, which comprises:
A £50 million Adverse Weather Fund.
Access to Funding – 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking.
12-month capital repayment holidays on existing loans over £25,000.
Increased or new overdraft facilities and other working capital solutions.
Ian Rand, Chief Executive of Barclays 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.’