Barclays launches Lending Clinics

Retail and Business Banking Chief Executive Antony Jenkins launches national lending campaign at the first lending clinic in Manchester.

Barclays is launching a new national series of business lending clinics designed to bolster business lending by getting small businesses to think about borrowing and give them the confidence to invest for growth.

The clinics launch as recent statistics show that only 15 per cent of businesses applied for borrowing in the last year, reflecting a crisis of confidence among businesses. The research also reveals that while 42 per cent of businesses think they will get a business loan before they apply, 75 per cent actually succeed, indicating that many businesses don't believe they can get finance.

The first clinic to be launched by Barclays Retail and Business Banking Chief Executive Antony Jenkins in Manchester (Monday 26th September) will kick start 85 UK-wide clinics, which aim to reach around 1,600 businesses.

Barclays business people will answer key questions on lending and walk businesses through the loan application process, with alternative finance providers on-hand to provide a fully rounded picture of all the financial options available. At the same time, local businesses will have the opportunity to tackle senior bank leaders head-on about the barriers to borrowing that they feel they face.

Barclays continues to lend and approves a new loan every four minutes, and in the first six months of the year committed over £7bn in lending to UK SMEs. At the same time, the balance of deposits held in SME's current accounts increased significantly suggesting a lack of confidence by businesses to invest.

Antony Jenkins, Chief Executive Barclays Retail and Business Banking said: "Barclays is committed to helping revitalise the UK economy which is dependent on small businesses having the confidence to invest and grow.

"Confidence will begin to be restored when businesses are equipped with the belief to make informed decisions about their future.

"Every day Barclays is committed to helping small businesses grow. From the top to the bottom of the UK, our lending clinics will take the mystery out of borrowing for thousands of businesses."

Business and Enterprise Minister, Mark Prisk said: "Businesses are sometimes put off from talking to the banks about their borrowing needs. If the vital flow of finance to small firms is to be improved, trust between banks and businesses must be restored.

"The Government wants to see an open dialogue between banks and British businesses, supporting entrepreneurs who want to invest and create new jobs. We support any initiative which could help make this happen and I hope businesses will make full use of this opportunity."

Barclays is committed to helping SMEs in this difficult climate. In addition to the lending clinics Barclays is also increasing its 1,700 strong team of business relationship managers by five per cent. This year Barclays has held over 75,000 meetings with our business customers, supported the start-up of over 50,000 businesses.

For the clinics Barclays branches will open their doors outside of normal opening hours. The first clinic is being held in Greater Manchester on Monday 26th September in the Barclays branch at St Anne's Square, Manchester. For further information on this and other clinics around the UK visit barclays.co.uk/businesslendingclinics.