TWO major banks are making an extra £250m funding available to small firms across Yorkshire.
NatWest and Royal Bank of Scotland said the cash would be available from today in the form of traditional debt finance and to help firms manage capital and cash flow.
Last month, the banks increased lending to UK borrowers by an additional £6bn.
The new funding for customers includes flexible busines loans, invoice finance products which may guarantee debtor payment and short-term trade finance to keep imports and exports flowing.
The banks are also offering small firms lower priced loans from the £250m funding secured from the European Investment Bank.
Regional minister Rosie Winterton said: “There are more than 300,000 small and medium-sized firms in Yorkshire and Humber and I welcome this funding at a regional level to support businesses in these challenging times.
“It is an important step in helping get our region through the current challenges,” she added.