A fund has been launched by RBS and NatWest aimed at supporting small businesses in the North East and Yorkshire.
The £110m Small Business Fund forms part of a wider £1bn fund which will be split between eleven different areas across the UK.
The fund targets 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 fund comes a week after the bank pledged its support for thousands of entrepreneurs and high growth businesses further with the launch of a network of eight new business accelerator hubs that will offer free workspace, hands on mentoring, a start up ‘bootcamp’ and a free programme of up to 18-months of advice, support and funding clinics.
Mark Winters, regional managing director in the North, 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.
“In the North we are currently supporting over 100,000 small business customers and are committed to helping both them and the many more new customers we are attracting each week.
“We also have business managers in all key towns and cities who are ready to support.
“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.”