The funds will be distributed across Scotland, England and Wales and aims to support businesses with loans of up to £500,000.
NatWest and Royal Bank of Scotland announce £1.1bn funds to support the growth plans of small businesses across Great Britain.
Businesses with a turnover of up to £2m can apply for fixed rate loans up to £500k which have no set up or repayment fees. With the current uncertainty in the UK, it is hoped these loans will give businesses the confidence to think about growth, knowing they can repay without penalty if they decide not to use the loan.
Marcelino Castrillo, Managing Director of Business Banking, said:
“Small businesses make up more than 99% of private sector businesses, so when they want to grow it’s essential we’re there to help them. With the creation of this £1.1bn fund we want to assure small businesses that we have funds available and we want to lend.
“We want to be easy to do business with and for our products to be simple and transparent, which is why we scrapped set up and repayment fees on our loans. In this period of uncertainty, we hope this flexibility will give confidence to businesses that are ready for growth but might be delaying investment decisions. Almost half of all private sector employment comes from small businesses, so helping them achieve their ambitions is hugely important and we hope to support as many businesses as possible.”
NatWest and Royal Bank of Scotland have also established a team of ‘Business Growth Enablers’ to provide skills and guidance to businesses across Great Britain. This team host regular education events for local business communities, covering topics from importing and exporting to cyber security. These events are open to all local businesses, not just customers, and provide an opportunity to learn and connect with other businesses and organisations in their area that can help them.
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