Source: Barclays Bank
Barclays is extending its support to businesses not covered by the Coronavirus Business Interruption Loan scheme, and not eligible for support under the COVID-19 Corporate Finance Facility, through the launch of the Coronavirus Large Business Interruption Loan scheme.
Backed by a UK Government guarantee, Barclays will provide lending of up to £50 million for firms with a turnover of over £250 million, and of up to £25 million for businesses with turnover from £45 million up to £250 million in order to help support them through issues associated with COVID-19. The type of lending available includes term loans and revolving credit facilities of up to 3 years (subject to credit approval), with a minimum facility term of 3 months.
Tasnim Ghiawadwala, Head of Barclays UK Corporate Banking, said:
“Barclays is absolutely committed to supporting all businesses through this incredibly challenging period. This welcome new scheme will enable us to provide vital funding to those businesses not currently eligible for the Coronavirus Business Interruption Loan scheme or the COVID-19 Corporate Finance Facility, but who contribute hugely to the UK economy.”
Existing Support for Corporate Banking Customers
Barclays Corporate Banking is strongly positioned to support UK business as they tackle the challenges posed by COVID-19. In addition to offering clients access to all three of the Government business support schemes:
o Our network of Relationship Directors remains in close working contact with clients and have been assisting them with the individual challenges they face such as working capital, liquidity, supply chains, and FX, to provide the appropriate support.
o Through this network, we are aiding short term cash flow pressures with measures such as capital repayment holidays, temporary increases to overdrafts and extending existing trade facilities.
o We are also running weekly COVID-19 support calls throughout this period, which clients can dial-in to in order to discuss economic impacts, what we are seeing and expect to see in the FX and commodity markets, and supply chain impacts and options.