NatWest’s £500m support for farmers
NatWest’s Agriculture team has injected over £500million into the industry as part of the Funding for Lending Scheme.
Ian Burrow, Head of Agriculture and Renewables for commercial banking at NatWest
The bank, under the RBS Group, has allocated the cash to farming businesses across the UK since it became the first to launch the scheme on August 1 2012.
Ian Burrow, Head of Agriculture and Renewables for commercial banking at NatWest, said: “We are delighted to have hit such a milestone in continuing to show our support for farming businesses.
“The last 12 months have hit farmers hard, with the wet weather from last season followed by such devastating snow and continuous rain at the beginning of this year.
“This is a vital industry and as a bank we know it is crucial for us to show support for farmers in one of the most difficult times for the sector.
“As the UK’s biggest lender to small businesses, we’re committed to making it easy and affordable for businesses to access finance and are proud to be a part of the government’s Funding for Lending Scheme.”
The RBS Group has allocated £3.3bn to over 20million UK SMEs since the scheme began.
In October, the bank also introduced a number of measures to help support farming businesses hit by the continuous wet weather.
Extra facilities include a fee free temporary overdraft or interest only loan for six months. Loan repayment support will also be available through reduced repayments or capital repayment holidays.
Ian added: “It is no secret that the weather has had a huge impact on the industry and will continue to do so.
“Whatever your situation, it is always better to approach your bank sooner rather than later – we wont be able to help if we don’t know.
“Agriculture remains an important sector to the bank and we will be keen to assist where we can.”
NatWest has a long history in supporting the agricultural industry and has dedicated, independently accredited specialists on hand to provide advice and support.
For more information contact NatWest’s dedicated agriculture team on 0800 092 9116 or email agriculture@natwest.com.