Royal Bank of Scotland (RBS) is today launching a new £100million lending fund – part of a UK pot worth £1billion – to support the growth plans of Scotland’s small businesses.
Firms with a turnover up to £2million can apply for fixed rate loans of up to £500,000 which have no set up or repayment fees.
It is hoped they will give companies the confidence to think about growth, knowing they can repay without penalty if they decide not to use their loan.
RBS business bankng managing director Marcelino Castrillo said: “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.
“With the creation of this £1billion fund 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.
“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.
