By Maximilian Clarke
The Royal Bank of Scotland has pledged to further boost its commitment to supporting small businesses with the introduction of loan packages of up to £250,000 at a ‘historic, low fixed rate’, the Telegraph report.
"To prove our commitment we've set ourselves an ambitious target of boosting lending to small companies by at least 15pc in the next three months,” said the Bank’s Chief Executive, Stephen Hester. “We will need to see at least a double-digit increase in lending just to break even - we have skin in the game."
Banks have faced criticism for failing to support business, even after implementation of the government’s ‘Project Merlin’ agreement. Currently Barclays, in their 9-month performance statement are on track to exceed the £76bn lending commitment, as a time when credit for smaller enterprises remains constrained.
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