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01/12/2009
Banks pledge to support firms as insolvency threat remains |
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NatWest and Royal Bank of Scotland have issued a pledge that they will do more to support small businesses.
There have been numerous calls for firms to get extra assistance from lenders to help get the economy back on its feet and the two banks are introducing a charter for their small and medium-sized enterprise customers.
Measures will include more free banking, cheaper overdrafts and fees capped at 1.5 per cent per year.
Chairman of small business for the banking group Peter Ibbetson said: "It's important we stay close to their [small firms'] needs and find new ways to support their growth in the months ahead."
Those whose companies have not been receiving the help they need and are facing possible liquidation may wish to speak to an insolvency lawyer.
According to figures from the Forum of Private Business, the past year has seen 80 per cent of its members having a harder time getting finance from banks.
Written by Laurence Smith
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