Royal Bank of Scotland: Price pledge on overdrafts for small businesses

Royal Bank of Scotland (RBS) has said that up to 100,000 of its small business customers may find themselves in financial difficulty as the economy worsens.

RBS who have over 1 million small business customers are bringing together a 500 strong team of bankers who will be on hand to offer intensive advice and support for businesses that run into trouble.

This comes a day before the pre-budget report which is expected to stress to banks the importance of funding to small businesses, RBS have also made a price pledge on overdrafts, intended to give security to small businesses as the country heads into recession.

Businesses with less than £1 million turnover and which began trading after 2002 are expected to need the most support according to Royal Bank of Scotland’s Stephen Hester, this is due to many of them never operating in an economic downturn.

Source: Guardian Closer movies