The statistics, which detail take-up of the Bank of England’s Funding for Lending Scheme (FLS), also show that Barclays is bucking an industry trend by increasing the amount it is lending.
The figures demonstrate our commitment to supporting people by giving access to finance to grow their business, buy a new home, or improve their quality of life.
At the end of last year, our UK lending stood at about £235bn, which is 24% higher than at the end of 2007. In total, Barclays has increased its net lending to UK borrowers by £5.4bn since the Bank of England’s FLS started last year.
“We want to lend wherever there is an opportunity to responsibly do so,” said Steve Cooper from Barclays. “We also pass on all the benefits we get from FLS directly to our customers. One way in which we’re doing this is through our Cashback for Business loan, which we launched last year and provides our SME customers with an instant cashback injection of 2% on loans, which will immediately boost a business’ cash flow.”
Steve continued: “We understand that business conditions in the UK remain tough and that’s had a knock-on effect on confidence. Application levels remain well down on pre-recession levels across the banking industry, but we want every one of our customers to know about what FLS means for the price of credit so that they can take advantage if they so choose.”
Barclays’ rate of lending is also increasing with about four out of five applications approved. That means Barclays Relationship Managers up and down the UK are agreeing to a new SME business loan every three minutes of each working day.
Steve added: “If you need finance, come and talk to us. We want to make it happen.”
To ensure borrowers can access the funds they need, Barclays has also launched 50 lending clinics across the UK. The clinics give people the chance to see what products are available for them and to talk them through the lending process.
Barclays is also working hard on the home-lending front, to help people buy new homes or cut the costs of their monthly mortgage repayments.
Last year, one in eight mortgages provided to UK homeowners was from Barclays and in 2012, we helped more than 60,000 homeowners cut the costs of their monthly mortgage payments.