Funding news - 08/08/2017
NatWest Announces Support for New Welsh Farmers
NatWest is launching this new scheme to help break down some of the barriers preventing new entrants from joining the farming industry in Wales.
NatWest Bank has revealed details of a new programme to support new entrants to the farming sector in Wales. The initiative will help bank customers who are entering the farming industry through the provision of specialist one-to-one support.
The programme is expected to help in the region of 40 new businesses in Wales each year and address some of the issues faced by farmers, as outlined in a survey which the bank commissioned last year. These issues include the inability to embrace new farming models and access to funding and varying levels of business skills.
NatWest will deliver face-to-face banking support through its team of relationship managers to new entrants for three years as part of the new scheme. The bank's network of Business Growth Enablers will also act as a hub, bringing external experts and new entrants together to provide support through education, day-to-day advice, strategic planning and thought leadership.
Alison Rose, CEO for Commercial and Private Banking at NatWest, said:
"Farming is vital to the Welsh economy and across government, support bodies and customers the sentiment is clear – we must make entry to agriculture easier.
"Many mainstream banks operating in the sector have face-to-face relationship criteria which are outwith the scope of most young farmers. This means many do not have access to specialised relationship managers who understand the sector and can use their experience to guide their decision making.
"Bringing in a younger generation will help stimulate new ideas and implement change in an industry that has been dominated by tradition. It is crucial that we do this."
Source: NatWest / RBS, 08/08/2017