Lending

NatWest looks to boost confidence with new 1bn small business fund

Fred Heritage | 18 July 2016 | 8 years ago

NatWest
NatWest’s new 1bn fund will target new and existing businesses with an annual turnover of up to 2m
High street lender NatWest has launched a new 1bn lending fund to help support growth among small businesses across England and Wales.

The fund will be split between 11 UK regions, targeting both new and existing businesses with an annual turnover of up to 2m.

It will offer new borrowing with fixed rate loans of up to 500, 000, with no arrangement or repayment fees.

Knowing that they can repay loans without penalty if they deicide not to use them, it is hoped the fund will give owners of some of the UK’s smallest businesses the confidence to move ahead with growth strategies at a time of economic uncertainty.

Managing director at NatWest Business Banking, and expert contributor to Business Advice, Marcelino Castrillo, said that he hoped the high street lender’s new fund would support as many small firms as possible. We want to assure small businesses that we have funds available and we want to lend.

we want to be easy to do business with and for our products to be simple and transparent, which is why we scrapped set up and repayment fees on our loans. We hope this flexibility will give confidence to businesses that are ready for growth but might be delaying investment decisions.

To coincide with the new fund, NatWest has also established a team of so-called business growth enablers? to provide skills and guidance to business owners across the country.

The team is set to host regular events for local business communities in various parts of the UK, and will teach small business owners on a variety of topics from importing and exporting to online security.

NatWest have not been the only high street bank to consider the UK’s current economic uncertainty and add to their small business offering. Earlier this month, HSBC widened its pan-European small business financing options be agreeing a 150m fund with Liverpool-based Bibby Financial Services. And in May this year, Barclays launched a 100m fund in support of small firms in Northern Ireland.

What’s out there for tech startup founders seeking grant funding? Read our expert’s guide.

Topic

Lending

Related Topics

What is Debt Financing?
14 August 2023

What is Debt Financing?

Read More →
How to Get a Business Loan
22 November 2022

How to Get a Business Loan

Read More →
What Are Bridging Loans?
16 November 2022

What Are Bridging Loans?

Read More →
What Is A Bridging Loan?
30 March 2022

What Is A Bridging Loan?

Read More →
Six reasons to use an independent broker for business borrowing
8 April 2021

Six reasons to use an independent broker for business borrowing

Read More →
Bounce Back Loans Scheme opens for smallest UK businesses
4 May 2020

Bounce Back Loans Scheme opens for smallest UK businesses

Read More →

If you enjoy reading our articles,
why not sign up for our newsletter?

We commit to just delivering high-quality material that is specially crafted for our audience.

Join Our Newsletter