MESSAGE FROM BARCLAYS BANK - 24 MARCH 2020
Today we have launched our participation in the Coronavirus Business Interruption Loan Scheme (CBIL), which was announced by the Chancellor in the Budget and put in place by the British Business Bank today. Further information can be found here: www.barclays.co.uk/business-banking/borrow/coronavirus-business-interruption-loan
The terms of the scheme were finalised over the weekend and we are working hard to ensure our staff are trained and ready to help customers, many of whom we know will be increasingly anxious. Please bear with us as we work to put in place the arrangements to ensure the smooth operation of the scheme.
The CBIL scheme is a borrowing facility designed to help businesses access finance where a lender would not be able to provide finance to the business on their normal lending criteria. The British Business Bank has set out strict eligibility criteria and limits to the size of loans that we must apply when assessing applications. This means that some businesses will find that they are unable to access loans under the scheme, but we will work with customers and clients to help them understand the framework.
Support for Larger Businesses
The Bank of England has also launched today a Covid-19 Corporate Financing Facility (CCFF). The CCFF will provide funding to corporates with an Investment Grade credit rating and who make a material contribution to the UK economy, through the purchase, by the Bank of England, of Commercial Paper of up to one-year maturity. In addition to assisting our clients to originate into and access the facility, we have been providing our thoughts to the relevant authorities as to how best to meet their objectives.
Support for Customers
More broadly, we have created a hub with all the latest information on our products and services for customers: https://www.barclays.co.uk/coronavirus/ It is updated daily so that customers can find the information they need in one place. Our colleagues are also facing unprecedented times and so we are asking customers to only phone us if they have an immediate financial problem. That way, we can help make sure that those who are most vulnerable receive the support they need. All of our online and mobile channels are working as normal. The attached one pager summarises the support we are providing for customers across the bank.
Please see accompanying attachment