Barclays launches £100,000 unsecured lending for SMEs on its app and online banking platform

In a High Street banking first, Barclays has launched £100,000 unsecured lending for SMEs on its award winning app and online banking platform, with thousands of SMEs set to benefit from access to faster finance.

With two fifths of SME's surveyed (44 per cent) saying they would have more confidence in applying for a loan if they could see a pre-assessed limit, Barclays is offering over 360,000 customers pre-assessed limits on their digital channels. 

The limits for unsecured digital lending have increased to £100,000 from £25,000 for thousands of clients, with funds typically received in the account within 24 hours.

In 2018 Barclays funded a new start-up every four minutes, with a total of £2.8 billion of loans boosting small businesses. The bank recently unveiled a package of support for businesses as part of its Backing the UK initiative and to mitigate the impact of Brexit uncertainty, with a £14 billion dedicated lending fund, and a series of over 100 clinics providing business advice and guidance hosted by the bank’s network of 1,500 relationship managers. 

Ian Rand, CEO of Barclays Business Banking, said: “Every day we talk to thousands of SMEs about how we can support them to grow their business, and our team of relationship managers are out and about visiting offices and homes up and down the country.

“Now, with the launch of £100k unsecured lending on our app and online banking, we’ll be able to go even further to support businesses with exciting scale-up plans to borrow what they want, when they want.

“With pre-assessed limits of up to £100k, clients can follow just six simple steps and receive the money in their account normally within 24 hours.” 

Last year the bank also announced a partnership with MarketInvoice, Europe’s leading peer-to-peer lender, which enables businesses to get funding against their outstanding invoices, unlocking fast access to cash. 

Unsecured lending differs from lending where the loan is secured against assets such as a business premises or the owner’s home. It is far faster for firms as it does not require land or property valuations and other steps that slow the process down. Applicants for Barclays unsecured lending will be able to get a decision instantly. 

Unsecured lending is not available for all industries and is subject to normal lending assessment, status and application. Terms and conditions apply.

Pre-assessed limits refer to lending that eligible clients could potentially access subject to applicable credit checks as per Barclays terms and conditions.

For further detail on the unsecured lending, see: https://www.barclays.co.uk/business-banking/borrow/loans/

For further detail on the unsecured overdraft, see: https://www.barclays.co.uk/business-banking/borrow/overdrafts/

All lending products are subject to status and application and must be used for business purposes.

More details on the lending fund, and Barclays’ broader range of support for SMEs can be found at https://www.barclays.co.uk/business-banking/.

The £14.7bn UK-wide fund is made up of £11.3bn from Barclays Bank UK PLC and £3.4bn from Barclays Bank PLC, and is a three-year commitment.

For more information on Barclays Business Banking, visit: https://www.barclays.co.uk/business-banking/