Barclays sets up £50m fund for businesses affected by UK storms

A UK bank has announced a £50m fund for SMEs and rural business affected by recent flooding.

Barclays, which operates across the country has announced the ‘Adverse Weather Fund’ as part of a support package for business affected by recent weather.

This follows storms Ciara, Dennis and Jorge, which saw many small and rural businesses flooded.

As well as the £50m fund, the bank has also said that affected businesses may be able to access increased overdraft facilities and 12 month capital repayment holidays on existing loans over £25k.

Ian Rand, chief executive of business banking, said: “We want to ensure that SMEs and farmers are aware of the support that they can receive from their bank as we aim to help them with the devastating impact of the flooding.

“We’ll continue to work with local communities over the coming weeks and months through this difficult period, and would urge any customers that are worried about their business to get in touch.”

The bank added that it continues to support personal customers living in impacted areas, with bank managers assisting homeowners, as well as offering advice on overdrafts, increasing credit limits and capital repayment holidays on existing loans.