Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

RBS uses cheap funds to boost 'gazelle' companies

Simon Read
Sunday 09 September 2012 22:49 BST
Comments

Royal Bank of Scotland said today it will use the Bank of England's Funding for Lending scheme to offer UK manufacturers cheaper funds to boost growth.

For the first time, the bank's manufacturing fund will be targeted specifically at mid-sized manufacturing businesses with turnover of between £25m and £500m.

The firms – often referred to as "gazelles" – are seen as a key source of future growth for the economy, with the CBI predicting a £50bn boost to the UK's annual gross domestic product if more of them realise their potential.

Matthew Fell, CBI director for competitive markets, said: "Support for medium-sized companies continues to be an important issue as they represent 30 per cent of the UK's manufacturing base."

Peter Russell, head of manufacturing at RBS, said: "These are the most competitive terms that we have been able to offer manufacturers for several years."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in