Barclays has collaborated with Google for Work (GfW) to invest in fast-growing UK partners by launching a pilot lending programme.
Barclays said that is the first UK bank participating in a programme of this kind and the initiative is part of an on-going commitment to SME growth in the UK. The programme aims to give eligible GfW partners access to low-interest financing, allowing them to finance strategic growth initiatives, hire additional staff, and invest in future expansion.
“This programme will give SMEs the chance to invest and grow,” said Matt Tuck, head of global corporate banking at Barclays. “I am pleased that we are able to partner with GfW to provide this innovative financing solution that will help smaller businesses accelerate their expansion.
“We look forward to exploring how we can further work with our global corporate clients to support sustainable economic growth in the UK by identifying new ways to help smaller companies prosper and develop.”
James Doggart, chief executive (CEO) of Cloud Technology Solutions, UK, which is a partner of the GfW scheme commented: “The Strategic Growth Fund is a great example of how Google is investing in its premier partners. Funding is a limited factor to growth, but it’s a double edged sword: funding needs to be affordable and growth needs to follow fairly quickly.
“We have seen our UK Google business double in the last 12 months so believe the time is right to accelerate that further. The lending program allows this to happen, we are able to invest in areas and markets now rather than having to wait.”
The European Central Bank's (ECB) hotly anticipated meeting on Thursday afternoon made the euro skyrocket, as president Mario Draghi announced interest rates would remain at 0% and its quantitative easing programme will stay until at least the end of 2017.
The “sad truth” of banking is that many jobs will be automated in the future, Deutsche Bank's chief executive said yesterday. Despite this, a recent survey found that 98% of European workers are optimistic about the changes automation will bring to their workplace.
The US Federal Deposit Insurance Corporation is suing nine European banks for allegedly contributing to the collapse of 39 US banks that had a collective value of more than $440bn (€375.6bn).
The world’s second-biggest economy will grow faster than previously predicted over the next four years, but the rate is unsustainable unless China addresses the problem says the International Monetary Fund.