RBS tops up small business support fund, downplays Brexit effect

LONDON - British state-controlled lender the Royal Bank of Scotland has doubled its funding pot to support small businesses to 6 billion pounds , but says the extra cash is no longer primarily for Brexit-proofing businesses.

The lender previously topped up the fund from 1 billion pounds to 3 billion pounds in October. It said at the time that it was doing so after identifying nearly 2,000 businesses it lent to that were likely to suffer payment or supply problems due to Britain’s exit from the European Union. Customers were unlikely to roll back facilities taken out to prepare for Brexit while uncertainty continued, Slevin said, but demand for such products has “waned somewhat” in recent weeks.

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