UK: Barclays launch cashback initiative for SMEs using asset finance

Barclays has introduced a new cashback initiative to encourage SMEs to use asset finance and invest further into areas such as equipment, machinery and vehicles.

The move comes as part of the wider ENABLE program launched by the British Business Bank in November last year, which helps banks increase the amount they lend to SMEs by reducing the necessary capital to be held against such lending.

Barclays have initially set aside £300m to help SME purchasing and leasing, with businesses receiving 0.25% cashback on finance of over £10,000.

Eligible businesses are those with up to 250 employees, and a turnover of up to roughly £44m. Another selling point of the scheme relates to the variety of interest options available to applying SMEs.

Businesses can have a fixed or floating interest option, with a range of funding terms and repayment options available.

The scheme is currently open to existing Barclays’ customers and is operated by Barclays specialist Asset Finance team.

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