The Royal Bank of Scotland and NatWest Banks this week announced they are making £100 million in new loans with discounted fees available to the UK franchise industry. So, great news for anyone considering investing in a franchise.
"Everybody wants to see banks funding business growth, as well as helping new businesses get off the ground to create jobs. This is exactly what this fund will deliver," Peter Ibbetson, chairman of small business at NatWest and RBS, commented in a statement.
Additional incentives for franchises-in-the-making include a 1% arrangement fee, which is lower than the standard 1.5%, 12 month holidays from capital repayment, as well as the usually standard two years’ worth of free banking.
He continued by explaining that the industry has shown that it is virtually recession-proof, meaning that the many people that were left out of work as a result of the recession can get back to full strength by using franchising to set up a business. In addition to this, there is also the support of a famous and nationally recognised-brand behind them as opposed to trying something completely new and a lot riskier.
All in all, the franchise industry seems to be in great shape with its turnover rising to a strong £11.8bn in 2009, which was an increase of at least £400m when measured against 2008.
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