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Barclays increases business lending

Dec 15 2008

Barclays has made an extra £1.5 billion available to small business, saying it plans to increase lending to firms by ten per cent.

The bank revealed the boost today, saying it now intends to loan a total of £16.5 billion to small firms.

John Varley, chief executive officer of Barclays, says the increased funding will help companies cope in the current economic climate.

'Especially during this time of uncertainty, Barclays is committed to lending to and supporting our business customers,' he adds.

The extra funding will be made available to firms next year and comes as the bank also reveals it will allow small businesses to use its CreditFocus service free of charge.

Companies will be able to use the credit-checking tool regardless of whether they bank with Barclays and can monitor the creditworthiness of up to five customers or suppliers.

Barclays' move follows a similar one from HSBC last week, when it revealed an additional £1 billion for small firms globally, bringing the amount available for lending to £3.4 billion.

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