Barclays in SME loan bid
BARCLAYS will offer small firms pre-approved loans, the bank said today, making it easier to access credit.
More than 60 per cent of firms with a turnover of more than £10,000 will qualify automatically for the loans of up to £15,500 when the service is launched this month.
Banks have been under pressure from regulators to lend more to SMEs.
The scheme has the added benefit for Barclays of having a lower capital requirement – and so being cheaper – than outstanding overdraft facilities.