UK high street bank NatWest has doubled its limit on how much businesses can borrow through its Broker Direct service from £250,000 to £500,000.
NatWest launched Broker Direct last year and, having experienced high demand for the service, it is now enabling businesses to borrow more through it. The bank is also maintaining support for larger transactions through its specialist regional business development manager workforce.
Broker Direct is a dedicated service for SME brokers and has grown significantly in demand since its launch in June 2023 with time taken from the deal being presented to a credit-backed decision having reduced by 35 per cent.
Michael Schooling, partner at Business Mortgage Solutions, also added: “We have been working with the NatWest Group for well over 20 years and we are as satisfied today as we ever have been.
“The addition of the Broker Direct service is a breath of fresh air. We have submitted six or seven cases to date which have all been sanctioned in record time without any resistance whatsoever. The process from initial enquiry to completion is second to none.”
As part of its commitment to helping small businesses scale, NatWest Group explained it will also continue to offer smaller sums through the Broker Direct service. The lower limit of borrowing through the service is £50,000.
Dave Furnival, head of broker services at NatWest Group, said: “We’re committed to boosting economic growth across the whole country, and this is why we’ve made it quick and easy for businesses of all sizes to use Broker Direct, now for up to £500,000, to help companies grow.
“We’re happy that Broker Direct has seen such high demand after its launch last year that we’re increasing how much we lend through it. We’ll continue to work closely with customers to help them grow and get to where they want to be.”
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