NatWest announces £1m funding opportunities for UK SMEs

A UK bank has today announced a new scheme that will provide up to £1m of funding for SMEs.

NatWest will offer SMEs up to £1m of cashflow funding through its digital overdraft alternative Rapid Cash.

The scheme is part of the bank’s plans to help boost economic recovery following the impact of coronavirus.

The service’s real time integration with accountancy packages FreeAgent and Xero ensures that these funds are then repaid automatically once outstanding invoices are paid by the customer’s suppliers, meaning that the business only pays for the period the money is borrowed.

Julie Ashmore, CEO of NatWest Rapid Cash, said: “As the country takes its next steps out of lockdown, businesses in many sectors will expect to see activity ramp up accordingly, bringing some much needed optimism following an incredibly tough year.

“However, we know that it will take time to for business’ cashflow to achieve normal levels again, and so NatWest is delighted to extend the amount of cashflow support available to customers through Rapid Cash, to £1m, ensuring that businesses have quick and affordable access to funds, helping them to thrive again as quickly as possible.”