RBS / Natwest launch franchise fund
According to a report published on the website, bytestart.co.uk, the Royal Bank of Scotland Group / Natwest have announced the creation of a new £100m franchise fund, which could potentially finance up to 1,800 new franchise businesses. The report reveals that the new fund could also lead to the creation of 24,000 new jobs according the bank, based on each franchise employing around 13 staff members.
In an interview, Peter Ibbetson, chairman of small business at NatWest and RBS, commented: “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. The industry has shown itself to be virtually recession-proof, so for the many people left out of work by the recession franchising is a great way to start up a business – plus they get the support of a big brand behind them.” (kbp)