RBS is underlining its support for Scotland’s small businesses with the launch of a £100 million fund.

Businesses with a turnover up to £2m can apply to the bank for fixed rate loans of up to £500k which have no set up or repayment fees.

The Scottish fund is part of a wider £1 billion fund being launched across the UK.

With the current uncertainty in the UK that has followed the vote to the leave the EU, RBS said it hoped the availability of these loans would give businesses confidence to think about growth, knowing they can repay without penalty if they decide not to use the loan.

Marcelino Castrillo, managing director of business banking at RBS, said: “Small businesses make up more than 99 per cent of private sector businesses, so when they want to grow it’s essential we’re there to help them. With the creation of this fund we want to assure small businesses that we have funds available and we want to lend.”

Mr Castrillo added that RBS wanted to make its products simple and transparent.

“In this period of uncertainty, we hope this flexibility will give confidence to businesses that are ready for growth but might be delaying investment decisions," he said. "Almost half of all private sector employment comes from small businesses, so helping them achieve their ambitions is hugely important and we hope to support as many businesses as possible.”

RBS has also established a team of business growth enablers across the country to provide skills and guidance to businesses.

This team hosts regular education events for local business communities, covering topics from importing and exporting to cyber security. The events are open to all local businesses, not just customers, and provide not just an opportunity to learn, but to connect with other businesses in their area and organisations that can help them.