Over 17,000 manufacturing firms in the East to benefit from RBS/NatWest fund
January 27th, 2010
Item submitted by: Natwest
RBS/NatWest has pledged to make £1 billion of new loans available on competitive, flexible terms to UK manufacturing businesses - over 17,000 of which are located in the East of England.
The bank has ring-fenced a fund specifically for the manufacturing sector, with loans being offered on competitive fixed rates and with the option to defer repayments for up to three years.
East of England’s 17,445 manufacturing companies employ 231,000 people, representing 9.9% of the East of England’s total employment. The bank is launching its dedicated manufacturing fund in response to feedback from customers in the sector who are anticipating growing demand for their products during 2010 and beyond. The fund will provide loans designed to help those businesses finance investment and ensure they are poised to take advantage of any opportunities that present themselves asthe market for their products and services begins to recover.
Data published last week provides evidence for cautious optimism in a sector which, with nearly 168,000 manufacturing companies employing more than 2.5 million people, has a significant role to play in the UK economy. The Purchasing Managers’ Index (PMI) survey of UK manufacturers staged a solid rebound in December to reach a two-year high, suggesting an underlying improvement in the performance of British industry.
Mark Andrews, RBS/NatWest’s Managing Director for the East of England said: “We’re beginning to see some encouraging signs for the manufacturing sector, but we can’t forget the context they must be taken in, which is that this sector has been hit particularly hard by the recession and its return to full health will not happen overnight. We want to ensure we are doing everything we can to assist the sector as conditions begin to improve.
“As we see many of our manufacturing customers turning their thoughts to investment in order to drive competitiveness, we want to send a clear message of support to them by creating a fund that is designed specifically to enable that investment. We believe the fixed rate deals we are launching today are better than you would find anywhere else in the market currently. “
The manufacturing fund is the latest in a series of initiatives launched by RBS and NatWest in support of UK businesses, including an SME Customer Charter, a customer support helpline, and a price promise and committed overdrafts for SMEs. For further information, visit www.natwest.com/business/manufacturing.ashx
To find out more information on this exclusive offer please contact Robert Davey on 01604 687658.
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