NatWest offers £1 mn of cashflow to businesses to aid recovery

By Megha Bhattacharya

NatWest announced that it will offer SMEs up to £1 million of cash flow 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 £1million, 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.

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 £1million, 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 £1million. Since its launch, the service has lent over £130million 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.