Barclays held a lending clinic at the Wimbledon business centre to bolster business lending by getting small businesses to think about borrowing.
Twenty local business people attended the clinic and heard that Barclays is open for business and keen to talk to companies with expansion plans.
Local MP Stephen Hammond attended the event and talked to the businesses about Government activities to help small businesses to grow. He said: “Small businesses are the backbone of the British economy. In Wimbledon our vibrant and prosperous High Street is a product of the diverse nature of the small independent businesses that feature there. The Government is strongly encouraging banks to open up lending to small businesses and has announced a number of measures such as the Working Capital Scheme to ensure that we help business to flourish. I congratulate Barclays in Wimbledon for working with local businesses to make this known.’’
The attendees also heard from local entrepreneur Nick Samuel Managing Director of Samuel Estates who received financial support from Barclays to expand his business. Nick’s award winning company is a fast growing Estate Agency with offices in Colliers Wood and Balham. The company was established in 2005 and has grown to employ 12 people. The company’s ethos is to make the process of selling, buying or renting a home relaxed, rewarding and seamless by providing professional support every step of the way.
Nick Samuel told the delegates: “I was happy to share my experience of borrowing money from Barclays with other local business people. The application process was quick, painless and straightforward and I had a lot of support from my business manager Paul Seaman along the way. I think the secret to dealing with your bank is to work on the basis of ‘no surprises’. I let them see copies of my quarterly accounts and keep them up to date with my plans for the business. This really helps the relationship to flourish.”
The clinic was part of a national initiative and was run as recent statistics show that only 15 per cent* of businesses applied for borrowing in the last year, reflecting a crisis of confidence among businesses. The research also revealed that while 42 per cent of businesses think they will get a business loan before they apply, 75 per cent actually succeed.
Kate Dickens Area Business Manager for Barclays Business in West London says, “My team of business managers continues to lend, and across the country we approve a new loan every four minutes. But research shows that half of SMEs are still reluctant to approach their banks for finance.
“This event provided a great opportunity for businesses to gain a better understanding of the lending process and to hear from an established entrepreneur how easy they found it. I’d recommend that anyone requiring finance for their business should talk to their bank to see how they can help them.”
