By Laura Kingston

NatWest has pledged £5billion working capital support for small to medium businesses during the Coronavirus outbreak. 

As the impact of the Coronavirus outbreak begins to directly impact more businesses, NatWest has outlined the initial support it will provide to SMEs across the UK, including a £5bn Working Capital Support extension to its successful Growth Funding Package, ongoing support and practical advice for businesses.   

Important note: You do not need to be an existing NatWest customer to access this support.

NatWest has been closely monitoring the developing situation both in terms of the overall economic impact as well as specific sector and regional impacts to make sure the appropriate support is in place for SME customers. The bank is already speaking to many SMEs customers, who may potentially be impacted, on the steps they can take and the support that is available.

Alison Rose, CEO NatWest, commented:  This is a priority for NatWest and we will remain proactive, continuing to listen to our customers – we are here to support and can help businesses manage any short term disruption. SMEs should not feel like they have to go through these uncertain times alone, we are here to help.”

The package of support for SMEs throughout the UK will help businesses across all sectors and includes:

An additional £5bn of support to the Fund focused on the provision of working capital support that meets the needs of SMEs

Loan repayment holidays

Temporary emergency loans with no fees

NatWest’s Relationship Managers will proactively speak to business customers offering help and support as they form their plans to mitigate the impact of Coronavirus

The Bank’s team of locally based Business Growth Enablers will also work with their external networks to distribute information to businesses on Coronavirus preparedness

Continued work with the Government, British Business Bank and UK Finance to understand the evolving impacts and appropriately support SMEs

Proactive outreach to those SMEs that may be experiencing short-term trading issues due to Coronavirus to ensure they are able to access the best possible range of support

Through NatWest Mentor, the provision of consultancy and advice to help support businesses. This can range from employment law and HR advice, to health & safety and environmental management consultancy

Specific sectoral insight and advice from dedicated Sector Banker specialists