RBS Unveils GBP1 Billion Loan Fund For British Manufacturers

Fri, 22 Jan 2010

Royal Bank of Scotland (RBS) has announced it will provide up to £1bn in loans for Britain’s 168,000 manufacturing firms this year in an effort to help the sector recover.

The loans will be made available to firms investing for growth at cut-price fixed rates and under flexible terms, including the option to defer repayments for up to three years.

Peter Ibbetson, chairman of business banking at RBS, said that the UK manufacturing industry has been one of the sectors most affected by the recession, but it is now starting to see some encouraging signs of improvement.

"As we see many of our manufacturing customers turning their thoughts to investment in order to drive competitiveness, we want to send a clear message of support to them by creating a fund that is designed specifically to enable that investment," he added.

"We believe the fixed rate deals we are launching are better than you would find anywhere else in the market currently."

Lord Davies, Minister for Trade and Investment, welcomed the move by RBS and said that "it really emphasises how manufacturing is critical to the recovery". He added that the UK is still the sixth largest manufacturing economy in the world.

The loan fund is the latest attempt by the bank to reach the government’s lending targets for 2010.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page



 

Business Newsletter

Please enter your email below and subscribe to our monthly newsletter

Reduce mortgage paymentsSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health InsuranceProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.