MESSAGE FROM BARCLAYS BANK RE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME
We have seen unprecedented demand for the CBIL scheme and Barclays has been working hard to get through applications. We have boosted additional resources, our teams worked over the Easter weekend and we are making good progress.
We are aware that a number of customers have had difficulty getting through to us. We have increased our contact centre service levels which has reduced call wait time and these are now running to a typical level.
We continue to reach out to customers that have requested callbacks. We are also asking customers to check they are eligible for the scheme first before speaking to us, so we can prioritise support for businesses in urgent need. Our eligibility checker can be found here: https://www.barclays.co.uk/business-banking/borrow/coronavirus-business-interruption-loan/#checkeligibility
The other theme we have seen raised on behalf of constituents is on loan eligibility. Under the terms set by the British Business Bank, the scheme requires us to apply our usual eligibility, viability and affordability criteria. We have a duty to ensure that the additional lending is reasonable and affordable for businesses when trading has returned to a more normal environment. Further information, including the definition of a business undertaking difficulty, can be found here: https://www.ukfinance.org.uk/coronavirus-business-interruption-loan-scheme
We continue to support businesses in a number of other ways. We have assisted thousands of businesses with capital repayment holidays and have waived everyday banking fees and overdraft charges for our small business customers. In addition, Barclays is also a major participant in the COVID-19 Corporate Financing Facility (CCFF) for much larger businesses, and we will also be participating in the Coronavirus Large Business Interruption Loan Scheme (CLBILS) due to launch on Monday 20th April, aimed at meeting the lending needs of larger businesses and employers that are currently not able to access either CBILS or the CCFF.