To support large business banking customers affected by COVID-19 in Britain, Barclays is rolling out its Coronavirus Large Business Interruption Loan Scheme. The bank said in an announcement that is extending its support to firms not eligible for COVID-19 Corporate Finance Facility support nor covered by the Coronavirus Business Interruption Loan program.
Tasnim Ghiawadwala, Head of Barclays UK Corporate Banking, said in the announcement, “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.”
Barclays will offer lending as high as £50 million for companies with more than £250 million in turnover and as high as £25 million for companies with turnover ranging from £45 million to £250 million to support them with coronavirus-associated challenges. The lending encompasses term loans as revolving credit facilities of a maximum of three years subject to credit approval with a facility term of at least three months.
Beyond providing access for banking clients to three of the government’s business support programs, the bank said its network of relationship directors stays in close touch with customers and has been helping them with hurdles like liquidity, working capital, FX and supply chains. It is also assisting with short-term cash flow pressures through measures like capital repayment holidays.
The bank also said it is holding coronavirus support calls on a weekly basis. Customers can call into them to talk about economic impacts and “what we are seeing and expect to see in the FX and commodity markets, and supply chain impacts and options.”
In separate news, Britain has added tech startups to the economic sectors receiving assistance in an uncertain time as the global economy moves toward a coronavirus recession. The British government said the £1.25 billion “Future Fund” package was targeted at helping a thriving space that was struggling in the staggering economy.