Barclays in SME loan bid

Tim Wallace
Follow Tim
BARCLAYS will offer small firms pre-approved loans, the bank said today, making it easier to access credit.

More than 60 per cent of firms with a turnover of more than £10,000 will qualify automatically for the loans of up to £15,500 when the service is launched this month.

Banks have been under pressure from regulators to lend more to SMEs.

The scheme has the added benefit for Barclays of having a lower capital requirement – and so being cheaper – than outstanding overdraft facilities.