Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

NatWest to Offer Quick Loans up to £250,000 to Small Businesses

by March 13, 2024
March 13, 2024
NatWest to Offer Quick Loans up to £250,000 to Small Businesses

NatWest, the UK’s largest business bank with 1.5 million business customers, is set to provide expedited access to loans of up to £250,000 within 24 hours of application, in response to increasing competition from alternative lenders.

The bank has recently conducted a trial of an accelerated online credit approval process for unsecured loans, catering to existing customers seeking amounts of up to £50,000. Encouraged by the success of this trial, NatWest is now poised to extend this service to larger sums at short notice.

Robert Begbie, CEO of NatWest’s commercial banking division, emphasized the importance of banks being readily available for small companies when they require financial assistance, stating, “Dealing with banks is not the day job for small companies; banks should just be there for them when they need it.”

Speaking at a business finance event in London, organized by Oliver Wyman, Begbie highlighted the positive outcomes of the pilot for same-day lending, stating, “It has gone extremely well. We are looking to extend it up to £250,000. It will bring a wider range of customers into the ability to access finance quickly, at a time of their choosing.”

A spokesperson for NatWest revealed that the maximum loan size would initially be raised to £100,000 in the coming months, with a further increase to £250,000 expected by the end of the year. The bank anticipates a 30 per cent surge in new lending to small firms as a result of these initiatives.

This move by NatWest could potentially reverse the decline in business loan and overdraft approval rates witnessed in recent years. Figures from UK Finance, the trade body, indicate a decrease in approvals from a peak of 25,000 in the first quarter of 2022 to approximately 17,000 in the third quarter of the previous year.

The decline in lending by the Big Five banks—NatWest, HSBC, Barclays, Lloyds, and Santander—since 2009 has been offset by the emergence of new players, supported by open banking regulations and targeted lending from government agencies such as the British Business Bank.

As of the end of 2023, half of all smaller companies gained access to external finance, with 59 per cent of funds originating from new lenders like OakNorth, Tide, and ThinCats. Platforms such as Iwoca and Funding Circle already offer quick-decision online business loans, with sums of up to £500,000. Iwoca promises loan approval within 24 hours, while Funding Circle claims funds can be deposited into accounts within two days.

A spokesperson for Iwoca highlighted the success of their investment in new banking technology, stating, “Smaller companies are an under-served market. We are now seeing record levels of interest from business owners. The demand is clearly there.”

Read more:
NatWest to Offer Quick Loans up to £250,000 to Small Businesses

0
FacebookTwitterGoogle +Pinterest
previous post
UK recession appears to be over as economy expands in January
next post
5 Reasons to Trust London Chauffeur Services for Your Business Travel

You may also like

TUC chief defends workers’ rights bill and dismisses...

April 22, 2025

Plastic bottle deposit return scheme looks set to...

January 20, 2023

Made in Britain applications surge following Trump tariffs...

May 2, 2025

Most people think UK was wrong to leave...

June 23, 2023

UK SMEs owed an annual average of nearly...

September 22, 2022

How to find your dream home in Dubai

May 17, 2023

How Strategic Tender Management Enhances Business Competitiveness

November 19, 2023

Dragons’ Den star Sara Davies retakes Crafter’s Companion...

January 10, 2025

Getting to Know you: Benjamin Sparks, Commercial Construction...

July 29, 2022

Seed capital fund opens for third year to...

January 15, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Democrats project doom and gloom, not celebration, with July 4 messages

      July 5, 2025
    • Xi Jinping’s surprise no-show at BRICS Summit fuels speculation about China’s global standing

      July 5, 2025
    • Tesla sees UK sales rebound in June as EV market accelerates

      July 5, 2025
    • Hived raises $42m to roll out electric delivery fleet across southern England

      July 5, 2025
    • Week Ahead: NIFTY Set To Stay In A Defined Range Unless These Levels Are Taken Out; Drags Support Higher

      July 5, 2025
    • “A turning point for education”: James Caan launches bold education reform plan in House of Lords

      July 5, 2025

    Categories

    • Business (8,397)
    • Investing (2,102)
    • Politics (15,947)
    • Stocks (3,190)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved