Barclays announced on Monday that it will offer pre-approval for overdraft facilities and loans to help business customers make decisions with the assurance that funding is available if necessary.
Under Barclays’ new initiative, qualifying customers who contact the lender from the middle of this month about a new loan will be given instant approval beginning in November.
From early next year, most business customers who use online banking services will have access to pre-approval information and will be able to obtain a loan decision within minutes. The new service is designed to help business customers manage cash-flow issues.
“We know that cash-flow can be a big problem for growing businesses and one of the biggest headaches is winning a big pitch or order, but having no certainty on whether you can finance that growth,” Barclays Business Banking CEO Ashok Vaswani said. “With this new initiative our business customers will know that at the moment they need to borrow, the investment is there to support them. We recognize that not every small business wants debt or to increase the existing facilities. We want to lend the right type of finance, whether that’s an extended overdraft, long term finance, or looking at wider forms of equity funding.”