NatWest has announced that it is set to launch a new digital platform to allow small and medium sized businesses (SMEs) to quickly obtain unsecured loans of up to £150,000.

The new Esme Loans service aims to give customers a fast decision on their lending application which, if successful, should result in rapid funding, potentially within an hour.

Working with Ezbob, a FinTech loans startup, Esme has been developed in response to the emergence of direct and P2P lending platforms, and aims to simplify and speed up the lending process.

The new automated, lending platform will originate unsecured and unregulated loans of up to £150,000 for a maximum of five years for UK SME customers, whether they bank with NatWest or not.

Alison Rose, CEO of commercial and private banking at NatWest said: “We are excited to launch the trial of Esme this week, offering SMEs yet more choice in how they access the funding they need to invest and grow.

“Esme will offer SMEs a quick decision and almost instant funding, allowing those customers to go on and do what they do best – run a business. Through Capital Connections, our panel of five P2P and alternative lenders, we’ve already broadened choices for customers but we wanted to go one step further and create our own alternative lending platform.”

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