Banks launch Â£55m fund for East Mids SMEs
A £55m Small Business Fund has been launched by Royal Bank of Scotland and NatWest aimed at supporting small businesses across the East Midlands.
Part of a wider £1bn which will be split across 11 different areas across the UK - including £55m for the West Midlands and £55m for South Midlands and Anglia - the fund will target new and existing customers who are looking to grow or diversify their business.
The fund will help small businesses grow by borrowing money with the certainty of a fixed rate and repayments, with the potential of a base rate rise on the horizon.
Fixed rate loans from £1,000 to £250,000 will be provided with no arrangement fee.
John Maude, regional director for NatWest, said: "Here in the East Midlands we're home to a thriving business community and to some dynamic, inspirational entrepreneurs – all of whom play a vital role in growing both the local and UK economy.
"We're proud to work alongside these local businesses, from start-ups to well-established companies, enabling them to expand and essentially help them to get to where they want to be.
"As part of this ongoing commitment, it's great to launch this new £55m fund solely dedicated to supporting even more small business owners across the East Midlands in fulfilling their potential and reaching their goals."
The fund comes soon after the bank pledged business support through the launch of a network of eight accelerator hubs around the UK.