RBS launches £100m fund for small business lending

Small businesses north of the Border are being targeted by a new £100 million fund launched today by Royal Bank of Scotland.

RBS hopes the loans will help small firms 'think about growth'. Picture: John Devlin

Bosses said they hoped the loans would give businesses “the confidence to think about growth” amid the “current uncertainty in the UK”.

Businesses with a turnover of up to £2m can apply for fixed-rate loans up to £500,000 which have no set up or repayment fees, the bank said.

The taxpayer-backed lender has also established a team of “business growth enablers” across the country to provide skills and guidance to businesses. The team will host regular education events for local business communities, covering topics from importing and exporting to cyber security.

Marcelino Castrillo, managing director of business banking, said: “Small businesses make up more than 99 per cent of private sector businesses, so when they want to grow it’s essential we’re there to help them.”