In a move it claims can help unlock a multi-billion pound opportunity for the UK economy, Barclays has revamped its mobile app to enable businesses to secure loans and overdrafts in minutes.
Barclays says that its research shows that 30% of small and medium enterprises (SMEs) are not planning on applying for a loan despite acknowledging it would boost their businesses.
The high street giant claims that more firms would apply for loans and overdrafts if the "myth" that banks don’t want to lend was removed and the process was quicker - SMEs that have applied for funding expect the process to take at least five weeks.
In what it claims is a UK first, Barclays hopes to address these barriers by offering funding via its mobile app, with the process taking less than an hour thanks to pre-assessment.
This could contribute to a major boost to the British economy over the next four years, helping to unlock £34.25 billion from SMEs and generate nearly 200,000 jobs, the Barclays-commissioned research boasts.
Ian Rand, CEO, business banking, Barclays, says: "We recognise that some businesses are cautious about applying for a loan, whilst many more simply do not have the time.
"Our new, pre-assessed lending gives customers the ability to see how much they could borrow on their mobile and we can get that money to them more quickly than ever so they can invest in and focus on running their businesses."