Barclays business lending clinics a success
Barclays Bank South Tyneside has successfully completed a series of business lending clinics in the region designed to bolster business lending by getting small businesses to think about borrowing and give them the confidence to invest for growth.
The clinics came as recent statistics show that only 15 per cent* of businesses applied for borrowing in the last year, reflecting a crisis of confidence amongst businesses. The research also reveals that while 42 per cent of businesses think they will get a business loan before they apply, 75 per cent actually succeed, indicating that many businesses don't believe they can get finance.
Barclays continues to lend and approves a new loan every four minutes, and in the first six months of the year committed over £7bn in lending to UK SMEs. At the same time, the balance of deposits held in SME's current accounts increased significantly suggesting a lack of confidence by businesses to invest.
The South Tyneside team answered key questions on lending and walked local businesses through the loan application process, with alternative finance providers on-hand to provide a fully rounded picture of all the financial options available. At the same time, local businesses had the opportunity to tackle the team about the barriers to borrowing that they feel they face.
For further information on the clinics and access to our lending kit, visit Barclays Business Lending Clinics or alternatively contact Kevin Barry or Chris Huntington, Barclays Business Managers direct on 0191 4512133.
* Source: SME Finance Monitor, carried out by BDRC Continental, surveying 5,000 businesses, published July 2011.
