RBS Capability and Impact Fund now open

The application process for the RBS Capability and Impact Fund is now open.

The purpose of the Fund is to encourage eligible bodies to:

• develop and improve their capability to compete with RBS in the provision of banking services to SMEs
• develop and improve the financial products and services which are available to SMEs

The Fund comprises a total of £425 million which is divided into four pools.  These funds are held in trust at the Bank of England.  The pools are:

• Pool A – to facilitate the development of more advanced business current account offerings and ancillary products for SMEs in the UK giving preference to¬†beneficiaries with an established¬†business current account offering
• Pool B – to facilitate the modernisation of existing business current account offerings or the development of new business current accounts or ancillary product propositions for SMEs in the UK
• Pool C – to facilitate the expansion of business offerings to include, lending or payments services to SMEs in the UK or international payments services to SMEs in the UK
• Pool D – to facilitate the commercialisation of financial technology that is relevant to SMEs

 

The Fund will be administered by Banking Competition Remedies Ltd (BCR), a body established to implement the Alternative Remedies Package of measures agreed by the UK and the European Commission.

To find out more about the application process and to register your interest, visit the BCR site here.