Image: BarclaysBarclays has confirmed it will not cut lending to the UK's small and medium-sized enterprises (SMEs) following the result of the EU referendum.
With speculation surrounding banks leaving the UK, and jobs and investment being cut, many smaller businesses are concerned about their future outside of the European Union.
But following comments from chief executive Jes Staley, confirming that Barclays would remain headquartered in the UK, the bank has now said it will continue SME lending at current levels.
In fact, it said it will continue efforts to surpass last year's total of £5.4 billion. Barclays also confirmed that its 300,000 SME customers would continue to have full access to their overdrafts or loans. And, it will increase the number of business managers on hand to advise on matters as business owners consider the best course of action for their business during an uncertain time.
Ian Rand, chief executive of Business Banking at Barclays, said: “Following the referendum many businesses will be reassessing their plans for growth and may need to re-plan or increase the resilience of their finances. It’s in times like these when strong banks should stand tall and help ensure the stability in our economy by continuing our commitment to lend. SMEs should know that even if their outlook is looking less clear, their bank is on their side and will support them through thick and thin.”
