RBS launches £250m SME fund
The Royal Bank of Scotland is to make an additional £250m funding available to SMEs in the East Midlands in 2009. In addition to traditional debt finance, the funds will offer businesses access to other services available including flexible business loans, which allow customers to postpone capital repayments, invoice finance and short-term trade finance. Accessed via business relationship managers, the fund will also offer SMEs lower-priced loans from the funding the bank has recently secured from the European Investment Bank. Phil Hope MP, minister for the East Midlands, said: “During these challenging times for the economy, I’m sure the 327,000 SMEs in the East Midlands will welcome the £250m fund made available by The Royal Bank of Scotland and NatWest.”
EMDA announces new fund
A new fund, the East Midlands Transition Loan Fund (TLF) is making £5m available to businesses across the region, Emda has announced. The fund is aimed at businesses struggling to get credit through banks and other traditional routes. The TLF, announced in the government’s Pre-Budget Report, will provide individual loans of between £50,000 and £250,000 for up to three years.
To apply for either of these funds, please contact Business Link on 0845 600 9006 or visit www.businesslink.gov.uk.
