NatWest is launching eight new business accelerator hubs around the UK, which will be predominantly based within its banking premises.

The network will offer free workspace, hands-on mentoring, a startup ‘bootcamp’ and a free 18-month programme offering advice, support and funding for high growth businesses.

Selected startups will gain access to the first hubs in Birmingham, Bristol, Cardiff, Leeds, Manchester and Belfast, uniting them with fellow entrepreneurs, specially trained bank staff and experienced business mentors.

The entrepreneurs will also have the opportunity to pitch to potential investors at the end of the scheme, as well as apply for cash injection ‘growth awards’ of up to £50,000.

The hubs will be rolled out over the next two years, beginning with Birmingham in early 2015. NatWest said that it would look to situate the regional hubs in existing bank premises where possible.

Applications for the Birmingham hub are now open, with entries welcomed from any sector and from businesses that do not necessarily need to be NatWest or RBS customers. Up to 80 entrepreneurs will be chosen to join the programme at a time, with each hub hosting two intakes every year.

Alison Rose, CEO of commercial and private banking at RBS, said: “This is a step change in how NatWest supports entrepreneurial talent in the UK. By opening up our premises and providing them with support and a far-reaching network of contacts, we are backing the businesses of tomorrow and helping ambitious entrepreneurs take their businesses to the next level. This is good for them, good for us and ultimately good for the UK economy.”

The new initiative builds on the success of the Entrepreneurial Spark model which has already been launched by the bank in Scotland.

Jim Duffy, CEO of Entrepreneurial Spark, added: “Our work in Scotland has had a positive impact on the huge upsurge in the number of new business incorporations, and better still those who go through our programmes have an 80 per cent survival rate, which is way above average. Our shared vision with NatWest is to create an entrepreneurial revival across the UK and we can’t wait to take our success story to benefit a wider audience.”

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