RBS launches £110m regional business fund

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Royal Bank of Scotland and Natwest have launched a £110m small business fund for Yorkshire and the North East, as part of a national £1bn investment.

It will provide fixed-rate loans of between £1,000 and £250,000 with no arrangement fee for existing or new customers.

The announcement comes a week after the RBS Group banks launched eight business accelerator hubs that will provide free workspace, mentoring and up to 18 months of advice, support and funding clinics.

Mark Winters, regional managing director for the North, said: “In the North we are currently supporting over 100,000 small business customers and are committed to helping both them and the many more new customers we are attracting each week.”

RBS has previously been criticised for the way its turnaround division dealt with struggling firms and the mis-selling of interest rate hedging products.