Barclays cashback scheme benefits local business

Andrew Meadowcroft (left), Relationship Director at Barclays, and Tony Fox, Managing Director at Pure Leisure Group.
Andrew Meadowcroft (left), Relationship Director at Barclays, and Tony Fox, Managing Director at Pure Leisure Group.
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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.