Bank launches new loan packages
The Royal Bank of Scotland is aiming to boost its small business lending.
A new portfolio of fixed rate loan packages between £25,000 and £250,000 across three, five and ten years are being launched.
Upfront fees and early redemption charges are being scrapped at this level of funding.
The bank said it was aiming to increase lending in this category by 15 per cent having already loaned £15bn to SMEs in the first nine months of this year.
Gordon Merrylees, managing director of RBS business banking in Scotland, said: "A circuit breaker is needed to restore confidence for small businesses, that’s what RBS is hoping to provide.
"We've set an ambitious target of 15 percent in the next three months, and we’re backing it up with our best ever offer to small firms."
RBS said it will need to boost lending by 10 per cent before it begins to recover the costs of the initiative.