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Flood-hit farm businesses can access loans from...

January 17, 2014

Charlie Taverner

Flood-hit farm businesses can access loans from a £250m storm fund launched by NatWest and Royal Bank of Scotland (RBS). Businesses of any size will be able to borrow up to £250,000 interest-free for three months and without arrangement fees. After the three months the bank will place the business on a suitable interest rate and repayment scheme. “Many agricultural businesses will have taken a real hit to their livelihoods,” said Ian Burrow , head of agriculture for business and commercial banking at NatWest and RBS. “We’re making additional support available because we know how important it is to get these businesses operational again.” Other emergency help, on a case-by-case basis, includes: ? Repayment holidays on existing small business loans ? Refunding or waiving overdraft fees incurred due to the weather ? Temporary credit card limit increases ? Waiving early withdrawal fees and termination costs for those wanting to access deposits ? Fast-track requests for temporary overdraft increases. Call the UK storms helpline on 0800 529 8544.

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Source: Farmers Weekly (UK)

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