Barclays announces major £14bn fund for UK businesses to tackle Brexit issues

Today (March 27), Barclays has announced a £14bn lending fund as part of a wider initiative to help SMEs ‘flourish’ post-Brexit.

Focused on building SME resilience during uncertain times, the package of support is said to include: A £14bn dedicated lending fund for UK businesses that turn over up to £25m; more than 100 national SME Brexit clinics and seminars; and a network of relationship management advisors.

These initiatives are designed to help SMEs think about managing cash-flow and working capital, as well as exporting goods abroad, labour, supply chain management, and broader issues of preparedness.

Group CEO Jes Staley, said: “Barclays stands ready to help local businesses in towns, cities and rural communities, up and down the country, during this period of uncertainty.

“Today’s £14bn fund, along with our broader package of support, shows our commitment to the local businesses that are the backbone of the UK economy - we are here to help them plan for the future and invest for growth.”

He continued: “It is the entrepreneurs, the farmers, the manufacturers, the house-builders, the new tech firms, and countless other businesses, that will help the country deal with - and capitalise on - this period of change.”

Glynn Richards of AEG Teachwall Limited, a Merseyside-based SME that imports aluminium and specialist engineering parts from China, commented on the news.

He added: “Today’s commitment is reassuring for a business like ours. Despite some broader economic uncertainty, we’re keen to invest in new machinery in our main factory to keep on growing our business.

“With Barclays’ support on this front, I feel that we can invest with confidence, hire more people and hopefully expand across the North West and beyond.”