Barclays says new app will bring quicker loan access
Barclays is rolling out a new service on its mobile banking app which it says can help small businesses access loans in less than an hour. It claims to be the first UK bank able to approve and transfer full loans to small and medium enterprise (SME) accounts via its mobile app - in some cases within 60 minutes.
Those loans can otherwise take weeks to approve, it said.
Ian Rand, chief executive 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."
Barclays has offered online pre-assessment since 2013, but this is the first time businesses can take on the whole process via the mobile app.
Retail customers already have access to loans through mobile banking.
Barclays said that easier access to loans could help to unlock £34.25bn in economic growth from UK SMEs by 2021, creating up to 194,000 jobs.
However, the bank said that 39% of small business are not planning to apply for a loan, despite acknowledging it could help their business.