Natwest and RBS have launched a £150m Leisure Fund to help provide finance for SME businesses in the leisure and tourism sector on a “first come, first served” basis.
The main features of the fund are that SMEs can:
- Take out a loan of £100k-£10m on a secured or unsecured basis
- Pay no arrangement fee – making it cheaper to access a range of fixed and variable rate loans, helping take businesses forward (early repayment charges may apply to fixed rate products)
- Take up to a five-year term
- Take up to two Capital Repayment Holidays of six months during the term of the loan (excluding the first 12 months)
Optional Capital Repayment Holiday
NatWest has also created a variable rate loan package that incorporates an optional Capital Repayment Holiday during the loan period.
The Capital Repayment Holiday applies to loans over £1m, for borrowing below £1m it is subject to application.
Further details can be found on the following link: http://www.natwest.com/commercial/finance/g1/overdrafts-and-loans/leisure-fund.ashx