Royal Bank of Scotland

£450 million of Discounted Business Bank Loans for SMEs

Small businesses will be able to access an extra £450 million of discounted loans after two high street banks negotiated extra European funding. Santander and the Royal Bank of Scotland (RBS) have secured the funds from the European Investment Bank (EIB). RBS will be offering £300 million at 0.6% below its standard interest rate; Santander has £150 million to lend at 0.7% below its usual rate. Santander’s head of commercial banking, Steve Pateman, said the loans – aimed at small firms with fewer than 250 employees – would help boost economic recovery by making affordable capital available to small businesses at a time when they really need it, saying: “We’ll be able to assist more small and medium-sized customers with their expansion plans at discounted ... »