The dedicated fund will be split between eleven different areas across the UK, targeting both new and existing customers who are looking to grow or diversify their business. The fund will offer new borrowing with fixed rate loans from £1,000 to £250,000 with no arrangement fee.
With the potential of a base rate rise on the horizon, it will also help small businesses to grow by allowing them to borrow money with the certainty of a fixed rate and repayments.
The fund comes a week after RBS pledged its support for thousands of entrepreneurs and high growth businesses with the launch of a network of eight new business accelerator hubs. The hubs will offer free workspace, hands on mentoring, a start up ‘bootcamp’ and a free programme of up to 18-months of advice, support and funding clinics.
Les Matheson, CEO of Personal and Business Banking for RBS said:
“Small businesses are the engine room of the UK economy, and it is essential that we do everything we can to support them. The launch of this additional £1bn Small Business Fund is another way that we are backing the businesses of tomorrow as they grow.
We want to be the number one bank for business customers and as we work to regain the trust in our bank we want our business customers to be confident that by doing business with us, they can realise their ambitions.”
Helen Dickson, a Nottingham entrepreneur who started her own bridal business five years ago, recently received funding from NatWest to expand her successful wedding dress shop ‘Dressplace Bridal’ and to relocate premises. The launch of the Small Business Fund will be of use to Helen in the future as her business continues to go from strength to strength.
“The NatWest team understood exactly what we were about as a business and what I wanted to achieve, even before I found the new shop. They’ve been a great support and this new Fund will be of great benefit to those who, like myself, want their business to thrive.”
Existing customers who are interested in finding out more about the Small Business Fund should speak to their Business or Relationship Manager. New customers who would like more information should call 0345 600 2230 for RBS or 0345 711 4477 for NatWest. Lines are open Mon-Fri 8am to 8pm and Sat 9pm-2pm, or call into a local branch and arrange an appointment with one of our Business Team.