UK businesses hit by recent storms are to be provided with access to short term, interest free loans of up to GBP250,000 from the two principal subsidiaries of The Royal Bank of Scotland Group Plc, NatWest and RBS.
The banks announced on Thursday that a GBP250m interest free loan fund has been launched to help UK businesses quickly recover from storm and flood damage. Loans will be provided for three months to cover the cost of repairs and replacement stock, in order to help businesses return to normal trading.
This UK Storm Business Fund and support package is not just limited to NatWest and RBS customers, as it will be made available to any viable businesses that have been adversely affected by extreme weather conditions in Britain this year.
Several additional emergency measures have also been introduced by RBS and NatWest, which include: a repayment holiday on existing small business loans; temporary increases to credit card limits; a waiver of early withdrawal fees and termination costs for customers wishing to access deposits; and fast-tracking of requests for increases to temporary overdrafts.
NatWest and RBS said their business managers will maintain contact with customers adversely affected by the weather, in order to ensure that any possible further help is provided.
Chris Sullivan, CEO Corporate Bank for NatWest and RBS, commented: “As the UK’s biggest business bank we know cashflow is critical for businesses. Many firms will have taken a real hit to their livelihoods as a result of this prolonged period of adverse weather. The loss of trade or damage to stock from such a storm can mean businesses find themselves in financial trouble. We’re making additional support available because we know how important it is to the local economy and communities to get these businesses operational again.”