Fixed rate loans up to £500,000 will be available to small businesses in England and Wales with a turnover less than £2m.
“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,” said Marcelino Castrillo, Managing Director of Business Banking. “With the creation of this £1.1bn fund we want to assure small businesses that we have funds available and we want to lend,”
In addition to scrapping the setup fees, NatWest has said that businesses that take out the loan will also not be charged if they do not use it or choose to repay it early.
“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. In this period of uncertainty, we hope this flexibility will give confidence to businesses that are ready for growth but might be delaying investment decisions,” added Castrillo. “Almost half of all private sector employment comes from small businesses, so helping them achieve their ambitions is hugely important and we hope to support as many businesses as possible.”
NatWest has previously shown an interest in the small business community when they established their 73 person team of “Business Growth Enablers” earlier this year. The team was created to “host weekly education events for local business communities, covering topics from importing and exporting to cyber security, with the aim of providing face to face support to more than 60k customers this year.”
The events are not restricted to NatWest customer and are open to anyone.