Funding for Lending is saving city firms millions

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Business customers of NatWest and RBS have saved more than £2.4 million on borrowings totalling £9.5 million in the first year of the Government’s Funding for Lending Scheme, according to the banks.

The savings come in the form of lower interest rates and the waiving of bank charges.

The banks say a total of 766 SMEs in Sheffield have benefitted from the scheme, launched in July 2012.

NatWest’s managing director for Commercial Banking in the North of England, Tony Kelly, said: “We are a year into FLS now and I’m really pleased our fee free lending offer has helped so many local businesses.”