NatWest and RBS have launched a £250m UK Storm Business Fund to provide short term, interest free financing to speed recovery for businesses affected by recent floods and gales. Loans can cover the cost of repairs and replacement stock to help businesses return to normal trading. Interest-free loans will be provided for 3 months giving businesses the breathing space they need to get back on their feet. The fund and support package are available for all viable businesses adversely affected, not just existing NatWest/RBS customers.
A number of other emergency measures have been introduced in addition to the UK Storm Business Fund:
– Repayment holidays on existing small business loans
Temporary credit card limit increases
– Waiving of early withdrawal fees and termination costs for customers wishing to access deposits
– Fast-track requests for temporary overdraft increases
Businesses affected by the adverse weather should contact their relationship manager or call the helpline number below. NatWest/RBS business managers will continue to contact and visit customers affected to see how else we can help them: UK Storms helpline: 0800 529 8544 (this number will be operational from Thursday morning). Steve Wakelin, regional managing director for NatWest business banking, said: “As the UK’s biggest business bank we know cashflow is critical for businesses. Many firms will have taken a real hit to their livelihoods as a result of this prolonged period of adverse weather.
“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.”