Alex Brown, managing
director and global head of asset finance, Barclays
Corporate explains.
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Barclays
Corporate is committed to playing our part in helping the UK
economy by fulfilling our obligation to lend responsibly to
businesses and help them grow – as outlined in February’s Project
Merlin announcement.
Although Barclays Business
discontinued asset finance products for small and medium-size
enterprise customers during 2010, the withdrawal of just one
product from the market cannot be viewed as depriving businesses
access to credit.
There are other general
lending alternatives which we consider will more than satisfy the
clients’ needs, and enable them to achieve the growth they desire.
In fact, half of unsecured lending to SMEs is for the purpose of
purchasing an asset, and Barclays Business offers a number of
alternative options to help them do this such as term loans,
overdrafts and EFG.
Barclays Corporate does
continue to provide an asset finance bespoke solution to our
clients, where we understand the larger asset classes far more, so
that in turn enables us to tailor a solution which fits our
clients’ needs.
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By GlobalDataEach client situation is
different, and we assess which lending option is best suited for
our clients given their individual circumstances.
We are committed to working
closely with our clients, developing long-term broad-based
relationships which help us to better understand their business
needs.
Barclays Corporate is open
for business, our approval rates continue to be above 90%, and we
are committed to lending to viable businesses with credible
business plans, capable management and proven track
records.
Last year Barclays lent £36bn
(€42bn) to businesses and households – clear evidence of our
commitment to private sector led economic growth.
We want to lend; lending is what we do and we encourage
businesses to come to us to ask for credit, which will in turn help
get the UK economy back on track.
