Barclays set to aid social enterprises via loans and flexible finance

Barclays and Social Enterprise UK have launched a report unveiling that 12,000 social enterprises were created last year during the pandemic.

The ‘No Going Back: State of Social Enterprise Report 2021’, outlines that there are currently over 100,000 social enterprises in the UK, worth a combined £60 bn to the UK economy, employing 2m people.

To help the continued growth and impact of the sector, Barclays is launching a new proposition for social businesses.

Alongside specialist social business managers support and opportunities for free mentoring through their partnership with Ethical Angel, Barclays now has loan assessments specifically designed for social business customers, offering flexibility when accessing finance.

Peter Holbrook CBE, chief executive of Social Enterprise UK said: “The pandemic has been an enormous shock to our economy, and many have doubted whether social enterprises can survive when the going gets tough.

“This research has found that not only can social enterprises survive, they can thrive. Whether it is growing their business, hiring new staff, giving more opportunities to women or tackling the climate emergency, social enterprises are leading the way.”

“Rather than dismissing social enterprises as a novelty or exception, we need politicians and investors to take these entrepreneurs seriously. They are showing a roadmap for our future where business tackles the multiple, overlapping challenges that our country faces. There is no time to waste.”

Hannah Bernard, head of business Banking at Barclays, said: “Many of the societal and environmental challenges we’re facing are only set to intensify, and we believe social enterprises hold many of the answers.

“We’re proud to be strengthening our support of these businesses with specialist support and new access to finance, as they continue to do great things in our society.”