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Barclays mobilised its 1,500 Business Banking relationship managers to visit 25,000 small and medium sized businesses in a single day, to give support on preparing for Brexit.
On high streets and industrial estates up and down the country the team listened to the concerns of small businesses, and offered support and practical solutions for the challenges they face such as managing cash-flow, finding labour, and exporting goods abroad.
Ian Rand, Chief Executive of Barclays Business Banking, said: “Barclays is proud to have one of the biggest networks of relationship managers of any high street bank. We know that SMEs want to hear from local experts on the ground in their communities, which is why our colleagues went out and about to help businesses in towns and cities across the country, opening up the conversation. From planning to resilience, our team is helping SMEs - the lifeblood of our economy, to navigate any changes.”
Barclays is backing small businesses through Brexit and beyond with a package of support including a £14.2bn dedicated lending fund to help SME’s to succeed and flourish, and the delivery of over a hundred Brexit clinics and seminars run in local communities across the country.
Regular free digital webinars on a host of topics including fraud prevention and Brexit preparedness are also available for businesses, and they can find information on how to plan for when the UK leaves the EU at www.barclays.co.uk/business-banking/brexit
Top 5 Brexit concerns we hear from small business:
Will Brexit affect my labour supply?
Consider how staff shortages would impact your business, and whether you employ a high percentage of people from the EU. Help your staff by ensuring they are aware of the EU settlement scheme.
How can I access additional finance to see me through any turbulence?
Contact your bank and ask what support they are providing for small businesses. Barclays has a £14.2bn dedicated lending fund to help SME’s thrive through Brexit and beyond, and could provide up to £100,000 in unsecured lending within days.
How will currency movements affect my business?
It pays to keep track of exchange rates, and businesses that trade regularly overseas should consider how currency movements might affect their revenue and their costs. Barclays accounts are available in 20 of the most commonly used currencies, with no minimum balance, allowing businesses to transfer funds when it’s most cost effective for them.
Will my cash flow support me through Brexit?
A cash flow forecast can benefit your business – it can warn you of challenges ahead, help you achieve steady growth and steer you through a downturn. If your forecast shows a cash squeeze is on the horizon, extra funding such as an overdraft or loan can see you through.
Is my supply chain at risk of disruption?
Businesses should consider whether they have any EU suppliers in their supply chain, and whether they are taking the necessary steps to plan for all eventualities. It pays to plan ahead and there is lots of good advice on the gov.uk website.