Barclays is set to offer 300,000 of its business customers instant access to pre-approved loans and overdrafts from today.
Companies with a turnover of more than £10,000 and a history of over 12 months will have pre-approved instant access to the facilities which will come with an average limit of £15,500.
From early next year most business customers will be able to see how much they are pre-approved for online and get a decision within minutes.
Ashok Vaswani, chief executive of Barclays Business Banking, said that the finance would help businesses deal with cashflow problems.
“We recognise that not every small business wants debt or to increase the existing facilities,” he said.
“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.
“Overall we think instant lending can deliver a huge shot in the arm for SME’s across the country and for our economy too.”
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