Barclays demonstrates its continued leadership in this space, increasing lending by 4.3% since the start of the scheme and giving people finance to grow their business, take out a household loan or improve their quality of life.
We have now passed on 100% of the benefit we received under the Funding for Lending scheme to tens of thousands of customers and clients through cheaper lending, including through our highly successful Cashback for Business scheme offering 2% cashback on loans for small and medium-sized enterprises (SMEs) in the UK.
The scheme’s popularity means that we will provide a new Cashback for Business scheme in 2014 which is not linked to FLS. The new scheme is for SMEs with a group turnover of less than £5m, and the cashback is capped at £20k.
“Throughout the Funding for Lending Scheme, we have remained committed to providing responsible lending to those who need it.” said Steve Cooper, Head of Personal and Business Banking.
He continued: “Our share of SME lending has been on a continual upward trend since the launch of FLS. In 2013, Barclays originated nearly 31% of all SMEs loans in the UK, the equivalent to over £37m each working day.”