A NEW health and leisure complex is being developed at a local golf estate thanks to Barclays.
Pure Leisure Group Ltd, which operates Tydd St Giles Golf and Leisure Estate, has received a one-off cashback payment of £22,871 under the new National Loan Guarantee Scheme (NLGS) recently launched by the Chancellor of the Exchequer.
The company is one of the first to receive a loan under the Barclays Cashback Finance Scheme and the money will be used to develop a new 15,000 sq ft health and leisure complex at the Lincolnshire site.
The cashback equates to 1 per cent of a £1 million loan from Barclays that small and medium enterprises (SMEs) will receive immediately under the scheme.
Andrew Meadowcroft, relationship director at Barclays, Corporate Banking, said: “By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business.
“We think this is more useful than drip feeding the value over the lifetime of a loan. SMEs are the lifeblood of our economy and we’re delighted to be part of a scheme that means we can offer this new initiative to our customers.”
The NLGS allows Barclays to raise wholesale funds at a cheaper level. Barclays will pass 100 per cemt of the benefit on to clients or back to the government – Barclays will in no way benefit financially from the scheme.