People whose homes have flooded and have their mortgage with RBS and NatWest may be able to apply for a three month repayment holiday.
The banks will send specialist business support teams to affected areas in the coming weeks to help SMEs with short term financial problems as they conduct urgent repair work and deal with loss of trading income.
These moves are in addition to the RBS/NatWest £250 million UK Storm Business Fund announced in January that can provide short-term, interest-free financing to help speed recovery for businesses affected by recent floods and gales. The fund is available to all businesses, not just those that are customers of RBS and NatWest.
RBS CEO Ross McEwan said: “Thousands of families and businesses will battle short-term financial difficulties as they work to recover from the floods. RBS will stand by our customers and help them in any way we can. I hope the steps we are taking will make a meaningful difference to the communities that are working so hard to manage through the floods and then recover from them.”
Ulster Bank, also part of RBS, has announced a support package worth £10 million (€12 million) for businesses adversely affected by the recent extreme weather.
The scheme will help Ulster Bank customers to meet short-term cash commitments that have arisen as a result of weather conditions, such as repairs and managing their working capital. The fund is intended to provide some relief for businesses working back to normal trading conditions or awaiting insurance claims.
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