Barclays’ coronavirus lending meltdown continues into a second week, leaving cash-strapped businesses in despair
Barclays’ coronavirus lending meltdown has continued into its second week, leaving cash-strapped customers in despair.
A week after the launch of the Government’s Bounce Back Loan Scheme, hundreds of small business customers are still waiting for the money they were promised.
Many completed the application form for a loan as soon as they could, and quickly had their request for cash approved.
Under the microscope: A week after the launch of the Government’s Bounce Back Loan Scheme, many small business customers are still waiting for the money they were promised
But despite Barclays vowing that borrowers would see the money in their account within 24 hours, many are still waiting a week later.
Some small business customers fear they will go bust unless Barclays releases the funds soon.
One would-be borrower, who runs a vehicle repair company and wished to remain anonymous, said: ‘People’s mental health is being affected by this diabolical handling from Barclays.
‘The Chancellor announced this emergency loan scheme to save small businesses from going under, and he said you will receive funds in 24 hours. It is an utter joke.’
She had applied for a bounce back loan through Barclays last Monday at 11.30am, and soon got confirmation that her application had been approved and the money would be in her account in a day.
Since then she has had two texts saying the cash was delayed, and despite chasing the bank she has no idea when it might appear.
She added: ‘End of this week and we are gone – suppliers and creditors just aren’t being paid. This loan was supposed to help us pay that and everyone we sub-contract too. I also have a family to feed and need to put a roof over our head.’
A Barclays spokesman said: ‘We apologise to the small group of customers from last week whose payments were delayed and are working hard to have the money with them later today.
‘We have now paid out on the vast majority of our approved Bounce Back Loans, with those who applied over the weekend due to receive their money in the next 24 hours.’