The dedicated fund will be split between eleven different areas across the UK, and will target both new and existing customers who are looking to grow or diversify their business through 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, this fund will help small businesses to grow by borrowing money with the certainty of a fixed rate and repayments.
This fund comes a week after the bank pledged its support for thousands of entrepreneurs and high growth businesses further with the launch of a network of eight new business accelerator hubs that 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.
Neil Garton, head of healthcare at NatWest and 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.”
Existing customers who are interested in finding out more about the Small Business Fund should speak with 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.