NatWest pledges £1bn fund for small businesses
Small businesses will be able to access up to £500,000 in finance with no set-up fees
NatWest has announced the launch of a £1bn lending fund to help support small businesses in England and Wales that have not yet achieved £2m in turnover.
Small businesses can apply for fixed rate loans of up to £500,000 and the loans will not be subject to set-up fees.
NatWest is one of a number of banks to extend funding to smaller businesses of late. Last week, HSBC and Bibby announced a £150m funding line to provide finance to small companies across Europe.
Marcelino Castrillo, managing director of business banking at NatWest, commented: “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 £1bn fund we want to assure small businesses that we have funds available and we want to lend.”