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RBS joins business lending initiative

Date Added: 03/03/2011  

The Royal Bank of Scotland (RBS) has joined an initiative in a bid to increase the amount of money it diverts to its business lending division.

It has announced that it has signed up to the Community Development Finance Association as it wants to make business lending more accessible for companies unable to access mainstream finance.

Bernie Morgan, chief executive of the cdfa, stated that RBS signing up to the programme represents a major step for it.

Peter Ibbetson, small business chairman at RBS, said: "It's vital all businesses, however small, get the help they need to thrive. This initiative will make a huge difference for those businesses that normally fall outside of mainstream lending."

He added that funds will also be provided by RBS to boost Community Development Finance Institutions all over the UK.

Recent figures from the Bank of England show that business lending was up during January 2011.

Posted by Miles Pritchard    

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