NatWest is set to offer SMEs up to £1million of cashflow funding through its digital overdraft alternative Rapid Cash, as it looks to support UK businesses as they enter the next phase of economic recovery.

NatWest’s Rapid Cash service now provides businesses with a flexible line of credit based on outstanding invoices for up to £1million, offering a quick solution to temporary cashflow difficulties.

NatWest previously offered funding of up to £300,000 via Rapid Cash before the uplift to £1million.

Businesses can apply through an online five step process to request funds which, if approved, are credited to their account with 48 hours.

The service’s real time integration with accountancy packages FreeAgent and Xero ensures that these funds are then repaid automatically once outstanding invoices are paid by the customer’s suppliers, meaning that the business only pays for the period the money is borrowed.

The service charges no monthly fees.

Julie Ashmore, chief executive of, NatWest Rapid Cash, said:“As the country takes its next steps out of lockdown, businesses in many sectors will expect to see activity ramp up accordingly, bringing some much needed optimism following an incredibly tough year.

However, we know that it will take time to for business’ cashflow to achieve normal levels again, and so NatWest is delighted to extend the amount of cashflow support available to customers through Rapid Cash, to £1million, ensuring that businesses have quick and affordable access to funds, helping them to thrive again as quickly as possible.”

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