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UK's biggest SME lender cuts costs
In a move which could help tradesmen get much needed cash at more affordable rates, the Royal Bank of Scotland (RBS) is set to ramp up its efforts to lend to small businesses.
RBS is already the biggest lender to SMEs, with a quarter of the entire market share; but it is 87 per cent owned by the taxpayer, and has been set very challenging targets by the Government.
To meet its commitments, the bank needs to boost its small business lending by 15 per cent over the next three months. It is planning to make borrowing more attractive by reducing loan rates, as well as waiving up-front fees and early repayment charges.
Chris Sullivan, chief executive said of RBS's corporate division, said: "We need to break the cycle of negative sentiment for small businesses".
"This economy needs confidence and there is no bank that is better placed to give it than RBS-Natwest."
For learn more, visit: www.rbs.co.uk
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