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Banks to offer riot loans

A major bank is set to offer interest and fee-free loans to businesses hit by the summer riots.

Natwest and RBS will provide small businesses directly impacted by the riots a loan of up to £25,000 for up to six months.

This will create immediate funds for businesses waiting on compensation from the Government or insurance companies.

At the end of the six month period, businesses can either repay the loan from these funds or transfer any outstanding amounts on to one of the bank’s range of flexible loan products.

Chris Sullivan, chief executive of RBS and NatWest corporate division, said: “We want to do everything we can for businesses affected by the riots.

“I hope that other banks will also be able to help small businesses recover; our high streets are vital for local communities and economic recovery.

LINK:  Free loans offered to riot-hit businesses