Barclays launches business lending service to unlock £34bn opportunity

The bank has established a mobile lending service which is capable of providing instant loans to businesses.

A spokesman for Barclays said research indicated that there was the opportunity to unlock £34.25bn of growth from British SMEs (small and medium-sized enterprises) by 2021, which equates to 194,000 jobs.

However, the research suggests that 30 per cent of SMEs are still choosing not to apply for a loan. The new service from the Barclays Mobile Banking app reduces the time to secure a loan to under an hour.

Caroline Pullich, Barclays’ head of SMEs for Yorkshire, said: “We recognise that some businesses are cautious about applying for a loan, whilst many more simply do not have the time. Our new, pre-assessed lending gives customers the ability to see how much they could borrow on their mobile and we can get that money to them more quickly than ever so they can invest in, and focus on, running their businesses.”

Ms Pullich said the bank’s appetite for lending had not diminished since the EU referendum.