Tuesday, October 30, 2012 by Mike
The government's Funding for Lending scheme may have
been met with rolled eyes, but initial feedback is proving it to be
The £80 billion scheme has been split regionally and is already
saving businesses £25m.
Banks are noticing the impact too, with RBS and NatWest
reporting a 15% increase in applications for its discounted
loans in the first month.
Simon Mellin is one of many entrepreneurs who've benefitted from
the scheme. His Roaming Roosters butcher and bistro is reaping the
rewards after Funding for Lending enabled his business to
He says: "We built a farm shop and a bistro, we needed the
finance to get that going, without funding for lending we would
never have been able to get that done."
Hear more about Simon's story here:
It is expected that £100m in total will be saved on the cost of
borrowing over the life of the scheme.
"This is a real opportunity to stimulate growth across the UK -
the strongest way we can do this is to offer our best ever terms on
SME loans, says Chris Sullivan, CEO, RBS Corporate Banking. "We
hope this gives more businesses the confidence they need to
For more information on funding for lending, click here