Barclays opens Green Trade Loans product to support green initiatives
Barclays has opened its new Green Trade Loans product as it looks to help companies build towards a greener future.
Late last year, Business Chief reported that Barclays had made the provisional announcement of its range of new green corporate banking products, with businesses increasingly focus on sustainability.
Now the bank has officially opened the product, which is designed to provide working capital support for business needs from procurement through to the final sale of goods. Qualifying activities include working capital funding for renewable energy, energy efficiency and sustainable waste management projects.
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Barclays is also working with UKEF, the UK’s export credit agency, to help exporters access the finance they need to sell their green products and services overseas.
Baihas Baghdadi, Global Head of Trade and Working Capital at Barclays, said: "Late last year, we launched a range of products to encourage more environmentally conscious activity from our clients, but knew that developing a dedicated proposition to meet working capital needs and targeted at increasing sustainable trade was also required to support UK businesses’ aspirations.
"We’re proud that the Barclays Green Trade Loan is now available to facilitate more green trade and hope that it will play a big part in building momentum in support of the transition to a low-carbon future."