NatWest offers businesses up to £1m of cashflow support to aid recovery
NatWest has today announced that it will offer SMEs up to £1m of cashflow funding through its digital overdraft alternative Rapid Cash, as it looks to support UK SMEs as they enter the next phase of economic recovery.
The bank’s Rapid Cash service now provides businesses with a flexible line of credit based on outstanding invoices for up to £1m, offering a quick solution to temporary cashflow difficulties. Businesses apply through a simple online five step process to request funds which, if approved, are credited to their account with 48 hours.
The service’s real time integration with accountancy packages FreeAgent and Xero ensures that these funds are then repaid automatically once outstanding invoices are paid by the customer’s suppliers, meaning that the business only pays for the period the money is borrowed. The service continues to charge no monthly fees, unlike most forms of invoice finance.
Julie Ashmore, CEO, NatWest Rapid Cash, said: “As the country takes its next steps out of lockdown, businesses in many sectors will expect to see activity ramp up accordingly, bringing some much needed optimism following an incredibly tough year.
However, we know that it will take time to for business’ cashflow to achieve normal levels again, and so NatWest is delighted to extend the amount of cashflow support available to customers through Rapid Cash, to £1m, ensuring that businesses have quick and affordable access to funds, helping them to thrive again as quickly as possible.”
NatWest previously offered funding of up to £300,000 via Rapid Cash before today’s uplift to £1m. Since launch, the service has lent over £130m to UK businesses, and has seen record numbers of SMEs signing up for the service since the beginning of this year, with many businesses choosing to use the service alongside government lending schemes such as Bounce Back loans.
Rapid Cash is part of NatWest’s Ventures suite of digital innovations, which now include the likes of Mettle, the standalone digital business account for sole traders, and Tyl by NatWest, a payments service that allows businesses to accept payments in store, online and over the phone.