Natwest and Royal Bank of Scotland have doubled a fund they have put aside to help small to medium-sized enterprises (SMEs) in the leisure sector.
The banks have made the move after what they have called “incredible demand” from businesses in the hospitality industry.
After initially offering £150 million of loans earlier in the year, they have now upped the figure to £300 million.
They also say that 220 business loans have already been secured to the value of £160 million.
Around £90 million has been borrowed by hotels, while restaurants and pubs have taken up the next two biggest slices of the pie.
Visit England’s chief executive James Berresford said: “It is vital that our tourism businesses have the opportunity to invest in their products if the industry is to thrive and grow.”
The tourism body worked closely with the financial companies in creating the fund.
Mr Berresford added that the strong interest in the scheme so far proves that SMEs are “hungry to invest”.
Posted by the Secret Businessman