Yorkshire Bank and Clydesdale to launch UK small business support service

UK SMEs are set to receive a boost in support from Clydesdale and Yorkshire Bank in the form of a 25 month fee-free day-to-day banking for start-ups and small businesses switching to the banks.

This new offer is available for all start-up businesses within their first 12 months of trading, and for businesses with an annual turnover of less than £2m, which switch their business accounts to Clydesdale and Yorkshire Bank.

Clydesdale and Yorkshire Bank gathered research that revealed around one in six small business owners are dissatisfied with their main business current account and one in seven is likely to switch.

Business owners will now be able to switch bank accounts much easier due to the government’s Current Account Switching Service, which Clydesdale and Yorkshire Banks are part of, allowing businesses to move their current business accounts in seven working days.

In addition, earlier this year Clydesdale and Yorkshire Bank became the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Clydesdale and Yorkshire Bank, guaranteed by the British Business Bank, will help more small businesses achieve their growth ambitions.

Paul Shephard, director for business and private banking at Clydesdale and Yorkshire Bank, said the launch of this service comes at the right time for the UK’s small business population.

He said: “Successful small businesses are absolutely crucial to the health and vibrancy of our economy. They create jobs, provide vital services and drive innovation.

“We also recognise that the early stages of a new venture can also be the toughest, as owners balance the day-to-day running of the business with looking to the future. We’re continually looking to provide a genuine challenge in the small business market, and by introducing this new offer we can reduce the cost of banking allowing owners to concentrate on growing their businesses.”