Institutions providing education to the primary, secondary, higher and adult sectors will be able to access lower cost finance as a result of a £200m loan facility made available following the signing of a new contract between Barclays and the European Investment Bank (EIB).
The Barclays ‘EIB Loan Support for Education’ scheme aims to help reduce the cost of borrowing for institutions undertaking capital investment projects, ranging from classroom refurbishment to campus expansion.
Customers eligible for the loan support can benefit from a single up-front payment of between £737 and £29,500 cash-back.
Richard French, Barclays Business Banking Product and Marketing Director said: “We are delighted to offer our business customers in the education sector a practical loan package to encourage investment in UK education. The cash-back can be used to reduce the cost of borrowing or for re-investment in the business.”
To be valid for support, loans must be a minimum of £500,000 and up to a maximum of £20 million and open for a minimum term of three years. The project being financed must incorporate an underlying investment strategy and have costs of more than £1 million.
Barclays has substantial experience in all areas of the education sector. Clients range from state funded schools, colleges and universities to the largest independent schools. In addition, Barclays also has strong contacts in the wider education community, including the funding agencies.
Barclays Education Relationship Managers have specialist knowledge of the sector including a full understanding of the developments and challenges it faces. They are also trained by the National College of School Leadership to further improve their insight. They can help to:
improve cash management
enhance your financial control
protect against the effects of uncertain funding
provide guidance and financial support for projects (subject to credit status)
maximise the returns on any surplus funds
Barclays ( http://www.barclays.co.uk ) is one of the world’s largest financial services groups. We place high priority and focus on providing a good relationship with our 762,000 business banking customers, with products and services tailored to their size, complexity, financial and geographic requirements. Customers also benefit from a full range of services, encompassing debt capital markets, investments, private and international banking and personal financial services.
We are committed to making a real and lasting difference to businesses, extending their opportunities and releasing potential. Each week we help over 1000 new businesses open their doors for the first time. And with teams dedicated to industry sectors, our Relationship Managers have specialist knowledge of the markets in which our customers operate.
Barclays has over 300 years’ banking experience, and truly understands what makes businesses tick.
About the EIB
The European Investment Bank (EIB - http://www.eib.org ) is the European Union's long-term lending institution, a not-for-profit institution created by the Treaty of Rome in 1958. It finances capital investment furthering EU integration, in particular for regional development; trans-European transport, telecom and energy networks (TENs); SMEs; research, development, innovation and education. Owned by the Member States of the European Union, EIB raises its funds on the capital markets (AAA-rated issuer). Each year, it lends close to EUR 45bn, of which 90% goes to projects located in the EU-25.
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