Barclays teams up with Propel for enabling SMEs to access asset finance

By Megha Bhattacharya

Barclays Business Banking has announced a partnership with specialist asset finance provider, Propel in a bid to offer equipment and vehicle finance via an online platform to one million of their small and medium-sized (SME) customers. The Bank’s network of relationship managers will connect directly to Propel’s online portal, Propeller, thus allowing businesses to make equipment purchases up to £2 million.

Hannah Bernard, Head of Barclays Business Banking, said, “Many small businesses are looking to diversify and strengthen their enterprise as they bounce back from the impact of the pandemic – whether that’s purchasing a van to provide home deliveries or investing in enhanced cleaning equipment to meet new demands. By partnering with Propel, we’re offering all our clients access to a market-leading product which will give them even more flexibility when picking the right kind of finance to support their business.

“It’s vital for the recovery of the UK economy that we continue to boost the confidence of small businesses, and our team of relationship managers are here to help them invest for the future.”

Barclays stated that it has a package of support available for SMEs to help them recover from the coronavirus pandemic. It has also lent over £10 billion through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) to over 275,000 businesses across the UK.

Mark Catton, CEO of Propel, said, “SMEs are the lifeblood of the UK economy, and we’re proud to be working with Barclays to help drive further growth. Working closely with Barclays’ network of around 1,100 UK Relationship Managers and one million small business customers across the UK, we can support those who need to invest in capital equipment, across all industries and all equipment types, to grow their business. We believe combining brilliant customer service with great technology makes a real difference for customers.”