A major trading and commercial bank, National Westminster Bank Plc, operated a digital lending platform named ESME. Commenced in 2017, the loan was open to applications up to 250,000 Euros and experienced a boost of 300% with subsequent partnerships. Scroll to learn more about ESME loan cards.
National Westminster Bank Plc (NatWest)
Established in 1968, National Westminster Bank Plc, shortened as NatWest, is a major retail and commercial bank, based in London, England.
In 2000, it became The Royal Bank of Scotland Ground and was later renamed NatWest Group in 2020.
Currently, the British government owns 19.97% of the NatWest Group following spending 45 billion Euros, bailing out the lender in 2008.
Named among the Big Four Clearing Banks in the United Kingdom, it has a large network of over256 branches and 3,400 cash machines across Great Britain.
What Is ESME?
A service offered by NatWest, in 2017, ESME is a digital lending platform for SMEs. These services were also available to customers who were not banking with RBS or NatWest.
The loan services started trading on February 17, 2017, after being founded by the bank’s new product development program, NatWest Innovative Cell; it was established by Lucy Hasson, Richard Kerton, and Veronika Lovett.
What Type of Business Funding Did ESME Offer?
They offered unsecured business loans that ranged from 10,000 to 250,000 Euros in a 1 to 5-year repayment period. With competitive rates and no repayment charges in full or early repayment.
Additionally, you could also use their online calculator by selecting the amount you want to borrow and the number you want to repay.
The unsecured business loans will offer a straightforward solution for businesses in the United Kingdom. To give a rough idea of the monthly payments, you should fix interest rates for moving the quote.
How Do You Qualify for Funding With ESME?
A system that allows for an easy and secure application, the process takes a few minutes to complete.
Initially, you could check if you are eligible before you apply. Additionally, you would need to have an annual turnover of 15,000 Euros and must be above 18.
After meeting the above-mentioned criteria, you will get a free quote after filling an online form. With simple business details, you can generate a note and get a quote on your requirements.
If you’re content with the details, you will get a free quote by filling in.
What Did NatWest Group Say About ESME Loans in 2019?
In 2019, a press release focusing on how ESME was introduced to revolutionize small-scale businesses in the competitive edge, was published on the website.
Giving insights into its processing, the newsletter stated that in two years, from 2017-19, ESME has lent 36 million Euros to more than 570 customers.
Paul Thwaite, MD Sales, Specialist Businesses and Business Banking at NatWest, stated, “This is an exciting development in the evolution of ESME loans and a demonstration of NatWest’s commitment to financing small businesses, where we are the number 1 lender in the UK. Today’s launch is in direct response to our customers’ demand for simple, fast access to finance through convenient, digital channels.”
He continued, “With SMEs and micro businesses representing nearly 97% of the UK’s record 5.9 million businesses, it is now more important than ever to continue offering innovative, simple products and services that allow small business owners and entrepreneurs to do what they do best – run their business.”
What Happened to ESME Loans?
Unfortunately, the NatWest services have closed the process to avail new loan applications. However, ESME continues to serve its customers with the associated portal.
On 12 March 2021, the news stated that owing to the pandemic, the business appears to be faltering.
The disappointing news was shared via its website: “The team will continue to service current clients and is always happy to speak to customers, brokers, and partners to answer any questions they may have.”
Wrapping Up
A NatWest service, ESME, has served more than 570 customers, following its foundation in 7 years. While the pandemic has severely impacted loans and financing, NatWest, being the no 1 lender, is expected to bounce back shortly.
In the article, we have given a complete brief on ESME, including its eligibility and other updates.
