A major bank is set to help out businesses hit by rioting by offering fee-free loans.
A major bank is set to help out businesses hit by rioting by offering interest and fee-free loans.
RBS and NatWest will provide loans of up to £25,000 to small business customers directly impacted by the riots for up to six months.
The move is intended to help viable businesses, who would otherwise struggle to access short-term funding, get back on their feet and trading again.
This will create immediate funds for those waiting on financial support from either the government or their insurance company.
At the end of the six month period, businesses can either repay the loan from these funds or transfer any outstanding amounts on to one of the bank’s range of flexible loan products.
Chris Sullivan, chief executive of RBS and NatWest corporate division says, ‘We want to do everything we can for businesses affected by the riots. These loans will help firms waiting for insurance payments or needing urgent repairs to open for business as soon as possible.
‘I hope that other banks will also be able to help small businesses recover; our high streets are vital for local communities and the economic recovery.’
Businesses affected should speak to their relationship manager or the RBS Business Hotline to find out how they can be supported in getting their business back to normal.
The interest and fee-free loans were launched as a direct response to the London Evening Standard's SOS campaign, launched Friday (12 August).
To call NatWest on its business hotline, phone (UK) 0800 158 5977 or the RBS business hotline on (UK) 0800 092 3087.