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Barclays rolls out loan scheme for large businesses in the face of Covid-19

Barclays large businesses

The bank will offer up to £50 mn for businesses with a turnover of more than £250 mn

Barclays has introduced Coronavirus Large Business Interruption Loan Scheme to support large businesses affected by the Covid-19 pandemic. The bank also aims to support those businesses that are not eligible for support under Covid-19 Corporate Finance Facility, media reports said.

The bank will offer up to £50 million for businesses with a turnover of more than £250 million. That said, it will provide funding up to £25 million for businesses with turnover ranging between £45 million and up to £250 million. The move is in an attempt to help businesses survive the pandemic. 

Tasnim Ghiawadwala, Head of Barclays UK Corporate Banking, said in a statement, “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.”

In addition, the bank will facilitate coronavirus support calls on a weekly basis throughout the period, media reports said. It would allow clients to dial-in and discuss the current and anticipated economic and supply chain impacts, the bank statement said. 

It is reported that Barclays has instructed 1,500 relationship managers to immediately contact customers who at high risk owing to the pandemic. The chief executive of Barclays’ business banking division, Ian Rand, said in a statement, “Our network of relationship managers has been reaching out to SMEs [small and medium-size enterprises] across the UK to see if they require additional support during this time, as we do regularly when we see any events which may have an impact on our clients.

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