‘Growing Business’ scheme launched by Yorkshire Bank

YORKSHIRE Bank has launched a package of measures to give support to businesses across the region.

The ‘Growing Business’ package will provide new and additional support for businesses looking to start up, expand or switch their banking arrangements. 

Yorkshire Bank said the initiative underlines its commitment to help UK businesses grow under the Funding for Lending scheme.

Yorkshire Bank will provide a number of schemes, aimed at different businesses at different stages in their lifecycle. 

These include the launch of fee-free business loans and overdrafts, which Yorkshire Bank said could save some companies up to £10,000 on a £500,000 business loan.

For businesses looking to grow, Yorkshire Bank has launched a £1bn Business Expansion Fund, aimed at supporting businesses looking to grow their current operations through new, or improved, equipment or machinery, greater space, or diversification.

Paul Shephard, director of business and private banking at Yorkshire Bank, said: “In the last year we have seen an increasing number of growing businesses coming to us with plans to invest in better or more equipment and machinery, or for support involving new or extended premises. 

“By ring-fencing this fund, a growing business can be confident that we are actively lending to support expansion.”

Yorkshire Bank launched a strategic review earlier this year which will result in around 1,400 jobs being cut and a focus on banking operations in the north of England.