News: Natwest and RBS launch £250 million regional fund to support SMEs in Yorkshire

NatWest and RBS have announced that they are to make an additional £250 million funding available to SMEs in Yorkshire in 2009. This further commitment to the SME sector in Yorkshire will be delivered through a comprehensive package of funding choices with effect from today. In addition to providing traditional debt finance, the new funds will offer businesses the opportunity to access other avenues available to help them manage their capital and cashflow through the current economic downturn. The new locally administered fund will offer customers a wide range of financial support including flexible business loans which allow customers to postpone capital repayments, invoice finance products which may guarantee debtor payment, effective ways to release cash through using the assets already owned by the business and short term trade finance essential to keep imports and exports flowing. The fund will also offer SME customers lower priced loans from the £250m funding the Bank has recently secured from the European Investment Bank. Rosie Winterton MP, Minister for Yorkshire and the Humber, said: "There are over 300,000 SMEs located in Yorkshire and the Humber and I welcome this funding at a regional level to support businesses in these challenging times. It is an important step in helping get our region through the current challenges" Tony Kelly, Managing Director NatWest and RBS Business and Commercial Banking for Yorkshire, commented: "The Yorkshire and Humberside economy has been calling out for such an initiative. We believe that bolstering SMEs access to finance is a most promising avenue to cushion the impact from the downturn. That is because SMEs are the lifeblood of our regional economy - helping them is to help everybody." Tom Riordan, Chief Executive of Yorkshire Forward said: "We welcome this announcement, and anticipate that the move will act as an economic stimulus, helping to boost business confidence. We very much hope that other banks will follow suit and take similar steps in the near future."
RBS website
Yorkshire Forward website

Rotherham