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.”

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