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.”
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A global survey by The Economist Intelligence Unit and Standard Chartered finds that nearly half the firms participating believe they will be more efficient within five years, while one in three sees them becoming longer and more complex.