Pub becomes one of first to benefit from Barclays cash-back finance scheme

It is part of the National Loan Guarantee Scheme (NLGS) where banks can raise up to £20bn of funding guaranteed by the Government, to lend directly to smaller businesses. UK bus-inesses with a turnover of up to £50m are eligible for the scheme.

Aldermore, Barclays, San-tander, Lloyds and Royal Bank of Scotland have so far signed up to the initiative. HSBC has not signed up.

The Gate Inn at Bryants Bottom recently completed a commercial mortgage with Barclays which met the criteria for the scheme and re-ceived a cheque for £10,700.

The pub’s new owners intend to offer home-cooked ‘pub grub’ in a child-friendly environment. At the same time, they want to maintain the pub’s traditional English feel, offering a wide range of cask ales.

The site will be managed by Wendy White and Graham Putnam, who are also shareholders in the busi-ness. White said: “It’s good to see the Government offering a helping hand to businesses. Start-ups in particular need all the support they can get, whether that’s financial or advisory.

“This is a step in the right direction and the Barclays scheme has certainly helped us with the start-up costs of the business.”

Mike Locke, manager of business banking at Barclays in Buckinghamshire, added: “Our Cashback Finance Scheme is part of the National Loan Guarantee Scheme launched by the Chancellor. 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.

“For the Gate Inn, this has meant that they’ve had an upfront cash injection, which has helped towards the purchase and renovation costs of the pub.”