RBS joins CDFA to support business bank accounts

RBS has recently announced it will join the Community Development Finance Association as a supporter of small business bank accounts.

Small and medium sized businesses can now benefit from one of the UK’s largest banks joining the initiative’s efforts to provide business loans to needy firms.

Owners of small businesses looking for the best deals on business bank account products in the coming months will be relieved to note that the Community Development Finance Association will be welcoming RBS as a member finance institution.

The CDFA scheme has been specifically formulated in order to increase the amount of cash small businesses have available to them.  Such small ‘grass roots’ businesses have been called vital to their local communities by several industry experts.  The scheme has been growing in leaps and bounds every year, as 2010 lending figures indicate a 77 per cent increase in loan amounts compared to the previous year.

RBS chairman for small business, Peter Ibbetson, stated that regardless of the size of a particular business it is vital that they receive the support they need in order to grow and become successful.  Speaking of RBS’s new CDFA initiative, Mr Ibbetson stated that businesses that are typically excluded from mainstream lending will stand to benefit greatly.

The newly announced RBS-CDFA alliance may bring a smile to the face of the Manufacturing Institute’s Edward Moss.  Mr Moss recently went on record stating that major UK banking institutions need to increase the amount of support they provide for small and medium size businesses.  Many small business experts agree that more should be done to encourage the growth of local businesses that prove pivotal to the economic health of smaller communities across the UK.

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