As the country continues to be battered by storms and rivers burst their banks, a new fund has been set up to provide free loans to help small businesses continue trading.
NatWest and the Royal Bank of Scotland (RBS) have launched a £250m fund for businesses affected by storm and flood damage. The fund is available to any business affected by the adverse weather, and is not limited to NatWest and RBS customers.
The ‘Storm Business Fund’ offers interest free loans of up to £250,000 for three months to help businesses carry out repairs and replace stock so they can resume normal business.
As part of the scheme, banks are offering more flexibility on existing small business loans, temporary credit card limit increases and fast-track requests for temporary overdrafts as businesses recover from storm damage.
Chris Sullivan, CEO of the Corporate Banking Division for NatWest and RBS, said “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.”