Bank of Scotland makes £5 Million pledge to support Fife Chamber of Commerce Members
Bank of Scotland is pledging to make available at least £5 million over the next twelve months to SMEs who are members of the Fife Chamber of Commerce.
As part of the Bank's partnership with the Chamber, both organisations are working to promote confidence in funding amongst viable businesses with opportunities to invest.
Ian Collins, Bank of Scotland's Commercial Director for the East of Scotland, said: "By working together with our partners at the Fife Chamber, we aim to promote the availability of finance to local businesses whether through structured term or working capital facilities.
"We have earmarked £5 million for Chamber members who need to access funding and who have a viable business proposition. Funds are available at competitive rates and with the benefits outlined in our SME charter including the promise to limit arrangement fees to no more than 1.5% for all but the smallest fixed scale charges.
"We have also ensured that, with their knowledge of the local market, our senior relationship managers are empowered to authorise lending in their local area."
Alan Russell, Fife Chamber Chief Executive said: "We are delighted that the Bank of Scotland is committing this £5 million fund exclusively available to our members. This further demonstrates that the Bank is ready and willing to support businesses as we move out of recession."
The lending will also help support businesses borrowing through Government initiatives such as the Enterprise Finance Guarantee and European Investment Bank loan scheme. Businesses that are interested in discussing possible financial support should contact the Bank of Scotland business team on 0845 606 0286.
