The Barclays facility is aimed at enhancing Praetura’s ability to meet rising demand for alternative lending, with the business expecting to support over 1,000 additional SMEs each year.
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This comes as research from Praetura found almost three-fifths (59%) of UK businesses said access to capital had decreased in the last five years with 43% of surveyed SMEs reporting that it was one of the biggest challenges they faced.
Praetura Lending has also expanded its team size, employing over 150 people across its offices in Manchester, Wilmslow, Cheshire, Blackburn and Milton Keynes.
Peadar O’Reilly, CEO at Praetura Lending Division (pictured above), said: “The Praetura team is delighted to partner with Barclays on this new facility and help more SMEs get the funding they need to succeed.
“By working with forward thinking institutions, such as Barclays, we are able bring down the barriers to capital for thousands of UK businesses.”
Gordon Beck, European head of corporate and sustainable securitisation at Barclays, added: “We are pleased to support Praetura with this sales finance securitisation facility which emphasises Barclays’ commitment to supporting thriving SME businesses in our UK home market.”
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