Finance Hunter Ruthven · 15 February 2017
NatWest goes digital with new business loans offering
British bank NatWest has unveiled an online platform that will provide quick access to unsecured business loans of up to 150, 000, part of its fintech push. The lender revealed the Esme Loans offering was developed out of its Innovation Cell? and involved collaborating with financial technology business Ezbob an attempt to speed up and simplify the business loans process. Going forward, the lending platform will originate unsecured and unregulated loans of amounts of up to 150, 000, with each of the business loans having a maximum five year maturation period. NatWest’s Alison Rose, who is CEO for Commercial and Private Banking at NatWest, believes Esem Loans means more choice for British small businesses. esme will offer SMEs a quick decision and almost instant funding, allowing those customers to go on and do what they do best run a business, she added. through Capital Connections, our panel of five P2P and alternative lenders, weve already broadened choices for customers but we wanted to go one step further and create our own alternative lending platform. The business loans digital platform will reportedly target small businesses with a starting turnover of 15, 000, and top out at medium-sized businesses posting revenues of 25m. Companies must be limited entities, and have been trading for a minimum of 18 months.
ABOUT THE EXPERTHunter Ruthven
Hunter Ruthven was previously editor of Business Advice. He was also the editor of Real Business, the UK's most-read website for entrepreneurs and business leaders at the helm of growing SMEs.