March 10, 2020 / 4:03 PM / a month ago

Barclays offers corporate borrowers hit by coronavirus more time to pay back loans

FILE PHOTO: The Barclays logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

LONDON (Reuters) - UK bank Barclays (BARC.L) said on Tuesday it was contacting business customers affected by coronavirus to offer its support, with a package of measures including delaying repayments on existing loans over 25,000 pounds ($33,000) for 12 months.

The bank is also offering extended or new overdraft facilities and other working capital solutions to support affected businesses, it said.

Barclays has also said it will waive penalty charges for customers who wished to access fixed savings accounts early and it would accept applications for temporary increases on credit card limits to help relieve pressure on cash-strapped customers.

“Our network of relationship managers has been reaching out to SMEs across the UK to see if they require additional support during this time, as we do regularly when we see any events which may have an impact on our clients,” Ian Rand, chief executive of Barclays Business Banking, said.

“Barclays is ready to help, whether that’s with managing cash-flow or any other support, and we encourage any customer who needs guidance to call us or contact their relationship manager.”  

Reporting by Sinead Cruise, editing by Iain Withers and Susan Fenton

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