Barclays has elevated its support to businesses not covered by the Coronavirus Business Interruption Loan scheme by unveiling its Coronavirus Large Business Interruption Loan scheme.
The Coronavirus Large Business Interruption Loan scheme will be for businesses which are not eligible for support under the COVID-19 Corporate Finance Facility.
With the backing of the UK government, the bank will provide lending of up to £50 million for firms with a turnover of over £250 million. Moreover, up to £25 million will be provided for businesses with turnover from £45 million up to £250 million in order to help support them through the turbulent period associated with COVID-19.
The type of lending available includes term loans and revolving credit facilities of up to three years (subject to credit approval), with a minimum facility term of three months.
Tasnim Ghiawadwala, Head of Barclays UK Corporate Banking, commented: “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.”
Barclays Corporate Banking is strongly positioned to support UK business as they seek to overcome the challenges posed by COVID-19. In addition to offering clients access to all three of the Government business support schemes, the firm also pledges to retain a close working environment with relationship directors.
The collaboration also aims to aid short term cash flow pressures with measures such as capital repayment holidays, temporary increases to overdrafts and extending existing trade facilities.
As well as boosting engagement and interaction between the sectors, by running weekly COVID-19 support calls throughout this period, which clients can dial-in to discuss economic impacts and supply chain impacts and options.
