To help businesses in the United Kingdom in their preparations for Brexit, Natwest, the high street lender, has tripled its funding. It has identified almost 2,000 of its business customers that it believes may need additional cash to get through Brexit and extended its support to small companies.
The bank has set aside an additional £2 billion to support firm which are dependent on exports, labour or foreign exchange rates from the European Union.
The bank says that it believes that almost 2,000 of its customers would likely benefit from the said funding, and will be contacted in the coming weeks.
The company makes up the bulk of taxpayer-controlled Royal Bank of Scotland. It said that it was trebling its ‘growth fund’ for small businesses to £3 billion, an increase from the initial £1 billion pot that it revealed in May this year. £900 million of the initial care package was already approved by the bank.
NatWest said that it had undertaken an “in-depth analysis” of its customers and the wider market in order to determine which could be most exposed to any possible fallout from a disorderly Brexit.
Alison Rose, the head of commercial banking, stated: “To triple this initial figure to £3bn is tremendously exciting and we’re thrilled to be able to help British businesses keep growing.”
She added: “The on-going Brexit process will also require businesses to think strategically and tactically about how to navigate what is still an uncertain period ahead.”
She continued: “We are committed to helping UK businesses access the right financing products so they can meet their short and longer term trade and working capital needs – whatever the outcome of the Brexit process.”