RBS extends £150m leisure fund

THE Royal Bank of Scotland has committed a further £150m in loans to support investment in the leisure industry.

The bank said it had already invested £150m since May, with £31m in the North West.

It said its own research found that a quarter of leisure businesses feel they are losing out due to a lack of investment.

Andrew Taylor, head of leisure for commercial banking at NatWest and RBS said: “From day one this fund has attracted incredible interest. We listened to the needs of our leisure customers and designed the fund specifically to support the needs of this particular industry. Its success so far proves the real desire for investment and growth and we are dedicated to continuing our support of leisure businesses.

“The fund has now been running for 20 weeks and we have agreed over 250 loans totalling some £160m. Given lending in the equivalent 20 weeks of 2012 was around £60m this is an incredible step forward which proves that confidence is returning and that NatWest really is supporting SME clients across hotel, restaurant and pub businesses.

“It is also really encouraging that the funding has not just gone to a handful of large businesses, but to a wide range of clients around the country totalling over 260 loans.”

Hotels have generated the largest demand for the fund so far, borrowing around £90m, followed by restaurants and pubs. Loans from the fund are fee free and have two six-month capital repayment holidays.