UK Storm Business Fund Launched
The storms that battered the UK over the new year have left a number of UK businesses seriously affected after the gales and flooding.
The storm business fund has been set up to help firms cover the costs of repairs and replacing stock so that they can resume operations as quickly as possible.
With cash flow being crucial to so many small firms, the fund is offering interest-free loans for up to three months to help storm-hit SMEs to "get back on their feet".
Additional measures have been introduced such as "repayment holidys" on existing small business loans, temporary overdraft and credit card limit increases and the waiving of withdrawal fees and termination costs for business owners who need emergency access to their cash.
Business managers at both banks have been contacting their clients in adversely affected areas and will contiunue to try and stay in touch with and visit businesses hit by the weather.
Chris Sullivan, CEO of the Corporate Banking Division, for NatWest and RBS, said of the emergency nmeasures:
“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.”
The UK storm business fund is not just available to existing NatWest and RBS customers but is also for viable businesses that have been affected by the storms.
Businesses affected by the recent storms should contact their relationship manager at NatWest or RBS or call the UK Storms helpline on 0800 529 8544.
Both NatWest and RBS have set up "Support for Floods" pages on their websites and these can be accessed at the following addresses: