RBS and NatWest launch £1bn small business fund

The dedicated fund will be split between 11 areas across the UK and will target both new and existing customers who are looking to grow or diversify their business through new borrowing with fixed rate loans from £1,000 to £250,000 with no arrangement fee. The company said: "With the potential of a base rate rise on the horizon, this fund will help small businesses to grow by borrowing money with the certainty of a fixed rate and repayments." The fund comes a week after the bank pledged its support for entrepreneurs and high growth businesses with the launch of a network of eight new business accelerator hubs that will offer free workspace, hands on mentoring, a start up 'boot camp' and a free programme of up to 18-months of advice, support and funding clinics. Richard Hill, head of automotive and manufacturing at RBS and NatWest, said: "Small businesses are the engine room of the UK economy, and it is essential that we do everything we can to support them. The launch of this additional £1bn Small Business Fund is another way that we are backing the businesses of tomorrow as they grow. "We want to be the number one bank for business customers and as we work to regain the trust in our bank we want our business customers to be confident that by doing business with us, they can realise their ambitions." Call 0345 600 2230 for RBS or 0345 711 4477 for NatWest.