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Bank launches £100 million franchise fund

Feb 07 2011

The fund could finance up to 1,800 new franchise businesses and create 24,000 new jobs

New loans totalling £100 million are to be made available to the franchise sector in a move by a major bank to kickstart growth and create jobs.

The NatWest and Royal Bank of Scotland fund could finance up to 1,800 new franchise businesses and create 24,000 new jobs.

Peter Ibbetson, chairman of small business at NatWest and RBS says, ‘Everybody wants to see banks funding business growth, as well as helping new businesses get off the ground to create jobs; this is exactly what this fund will deliver.

‘The industry has shown itself to be virtually recession-proof, so for the many people left out of work by the recession franchising is a great way to start up a business – plus they get the support of a big brand behind them.’

Brian Smart, director general of the British Franchise Association adds, ‘The fund is a great way of encouraging new entrants into this vibrant sector. The UK franchise industry has performed well in recent years and we welcome the further investment to build on this momentum.’

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