Two banks have lent more than £39million to 139 Milton Keynes businesses in the last year under the government’s Funding for Lending Scheme.
Introduced in August 2012 Funding For Lending gives businesses lower than market rates backed by the government as a way of keeping the wheels of growth turning in the economy.
NatWest and Royal Bank of Scotland (RBS) say their 139 small and medium sized business customers (SMEs) have together saved more than £445,000 in the first year of Funding for Lending.
Across the country the two banks have now allocated £4.3 billion of discounted FLS loans to 25,000 UK SMEs and, in June, announced an independent lending review headed by Sir Andrew Large aimed at identifying what else NatWest and RBS could be doing to help back British businesses and further support the UK economy.
SMEs and the wider public have been invited to contribute their experiences and feedback to the review by visiting the website: www.independentlendingreview.co.uk and completing a survey that will form an essential part of the report.
Greg Jones, managing director for NatWest and RBS in London, South and East, said: “We are a year into FLS now and I’m really pleased our fee free lending offer has helped so many local businesses.
“As ever, we want to do more and I would urge local SMEs to log on and provide their valuable insight to the independent lending review. We’re challenging ourselves to do more to support business and the economy but it is through this direct and honest feedback that we will be able to examine all aspects of our lending policies.”