Assuming something doesn't muck this development up - and that is a somewhat big assumption - the Royal Bank of Scotland looks set to become a hero to many small businesses in the UK. RBS has, in short, agreed to prepare $4.3 billion in loans for them.
Current conversion rates make $4.3 billion worth a neat 3 billion, in case you're wondering. So, even taking different currencies' problems into account, quite a lot of money is on the table.
What's more, Jonathan Browning reports, "Edinburgh-based RBS will make an additional 250 million pounds of loans available in each of the 12 regional development agency areas of England, Wales, Scotland and Northern Ireland, spokeswoman Linda Harper said today in a telephone interview."
It seems that any number of small business organizations are about to get their wish, then. Heck, if RBS can pull this loan off, onlookers might even be willing to let the matter of its executives receiving bonuses slide.
RBS hasn't yet released much information about how businesses can get their hands on the loans, but UK firms' owners might do well to call their friendliest local representative and get a figurative foot in the door.
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Small business Loans in the UK and the USA
This is a great opportunity for those in the U.K. It would be nice if that took place in the US as well. Microloans would be helpful to tens of thousands of small business owners such as websites, developers, artists and much more.
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