Barclays has launched a mobile business lending service capable of providing instant loans to businesses. Though almost a third of British SMEs are not planning on applying for a loan despite acknowledging it would boost their business, the research shows that 64% of SMEs’ turnover would increase if they successfully secured the right loan, which could generate nearly 200,000 new jobs for Britain over the next four years.
The research found that:
Ian Rand, CEO of business banking at Barclays, said: “We recognise that some businesses are cautious about applying for a loan, whilst many more simply do not have the time. Our new, pre-assessed lending gives customers the ability to see how much they could borrow on their mobile and we can get that money to them more quickly than ever so they can invest in and focus on running their businesses. Since the EU Referendum our appetite for lending has not diminished and we continue to lend to an SME in the UK every four minutes.