Barclays to support more SMEs and entrepreneurs in Scotland

Barclays to support more SMEs and entrepreneurs in Scotland

Barclays has earmarked further capital for small and medium sized enterprises (SMEs) and entrepreneurs in Scotland.

The bank is announcing a new £500m fund to address gaps in the current supply of finance for businesses in Scotland.

It reflects Barclays’ commitment, in line with local government and economic strategy, to create a supportive environment for Scottish enterprise to grow.

Barclays has provided over £500m to help Scottish SMEs obtain funding to grow their businesses and this new fund represents a commitment to double its support for businesses in Scotland.

Jamie Grant, head of business and corporate banking for Barclays Scotland said: “We believe we are equipped to help even more businesses realise their ambitions.

“We have a strong history of building relationships with many of the country’s leading companies while our global reach means we have the knowledge and expertise to help Scotland’s businesses compete on a world stage.

“We are committed to pioneering in digital, having been the first bank to launch Pingit, pre-assessed lending and, coming soon, our SmartBusiness service.

“Our newly launched high growth team means we can help the next generation of innovators and we want to be the bank of choice for anyone starting or growing their business.”

As part of this extended focus the bank recently delivered a £12m funding package to Ayrshire-based Lorimer Care Homes which enabled the business to acquire an additional three sites to its portfolio.

Scotland’s cabinet secretary for economy, Keith Brown said:“This is positive news and will be a real boost for Scotland’s SMEs, which are the lifeblood of our economy.

"We know it is crucial that viable SMEs are able to access a range of finance to start-up and grow their business, and I hope many businesses can benefit from today’s announcement from Barclays.

“Scotland is already a great place to do business, but the Scottish Government is determined to maintain a strongly competitive business environment, and ensure the conditions are right for SMEs to flourish.

“That will help stimulate economic growth and create and protect jobs across Scotland.”

 

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