Has the Royal Bank of Scotland (RBS) seen the light, or is it the threat of European Commission inteference if the bank does not meet small business loan targets that has forced the bank to set up a business loan hotline?
Following months of ignoring advice, pleas and begging from the UK government to make funds available to small businesses the bank has now decided to fulfill it’s quota and have opened a new hotline that will be manned 12 hours a day by some of the banks most experienced business managers.
RBS say they are currently approving 85% of all credit applications and are providing loans to up to 5,000 business users each week. They also say that although they have lent £28.4bn during the first half of 2009, net lending was down because many other businesses were keen to pay off their existing loans.
The Treasury has suggested that the price the banks have been asking for business loans is what has stopped them fulfilling obligations and not a fall in customer demand.
The RBS hotline number is 0800 092 3087
0 comments so far
There are no comments for this post yet. Why not be the first by filling out the form below.