RBS reveals increased SME lending amid higher demand
ROYAL Bank of Scotland has lent SMEs £245m under the Funding For Lending scheme over the past three months.
The total lent by the bank including NatWest, is now £870m since FLS was launched in August 2012.
The bank said it had lend to 5,981 businesses in the region over that timeframe, and it is seeing improving demand for borrowing – SME loan and overdraft applications were up 6% quarter-on-quarter.
Ian Cowie, chief executive of business and commercial banking for NatWest and RBS, said: “Up until now we have lent £870m to businesses in the North West through the Funding for Lending scheme. We are the UK’s biggest lender to SMEs and that is great news but we want to do more.
“That is why we are now proactively speaking to customers to let them know how much we could lend to them if they want to invest. That presents opportunities for SMEs and will benefit the local economy here in the North West.”
Since the publication of Sir Andrew Large’s Independent Lending Review RBS has pledged to proactively approach customers, make quicker credit decisions and also launch a new dedicated website.
Ian Cowie added: “We want to support even more businesses, that is why we commissioned the lending review, and why we will act on its findings. We want to make it simpler for customers to work with us, boost lending to SMEs and drive growth in the UK economy.”
RBS is currently under scrutiny over its treatment of small business customers following allegations it forced firms to close so it could make a profit. The bank has commissioned law firm Clifford Chance to investigate the claims, which Chancellor George Osborne said were “shocking”.
