This 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 6 month period, businesses can either repay the loan from these funds or transfer any outstanding amounts on to one of our range of flexible loan products.
Chris Sullivan, Chief Executive of RBS and NatWest Corporate Division said:
"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 our Business Hotline to find out how we can support them to get their business back to normal. Our Business Hotline numbers are as follows:
- NatWest business hotline: (UK) 0800 158 5977
- RBS business hotline: (UK) 0800 092 3087
The launch of the fund is in addition to a wide range of support already being provided to our customers including short term funding, fast track processing of requests, repayment holidays on existing loans and refunding of overdraft fees incurred as a result of the riots on a case by case basis.
The interest and fee-free loans were launched as a direct response to the Evening Standard's SOS campaign, launched Friday (12 August).