NatWest has launched a £1bn lending fund to support the growth plans of small businesses.

Companies with turnover up to £2m can apply for fixed-rate loans up to £500,000 which have no set-up or repayment fees.

The bank said: “With the current uncertainty in the UK, it is hoped these loans will give businesses the confidence to think about growth, knowing they can repay without penalty if they decide not to use the loan.”

Marcelino Castrillo, managing director of Business Banking at NatWest, said: “Small businesses make up more than 99% of private sector businesses, so when they want to grow it’s essential we’re there to help them. With the creation of this £1bn fund we want to assure small businesses that we have funds available and we want to lend.”

NatWest has also established a team of Business Growth Enablers to provide skills and guidance to businesses across England and Wales. This team hosts regular education events for local business communities, covering topics from importing and exporting to cyber security. These events are open to all local businesses, not just customers, and provide an opportunity to learn and to connect with other businesses in their area and organisations that can help them.

Existing customers who are interested in finding out more about the Small Business Fund should speak with their business or relationship manager. New customers who would like more information should call 0345 711 4477 or call into a local branch and arrange an appointment.