NatWest on Monday pledged £5 billion of working capital support for small and medium size enterprises (SMEs) during the coronavirus outbreak.

“As the impact of the coronavirus outbreak begins to directly impact more businesses, NatWest has outlined the initial support it will provide to SMEs across the UK, including a £5bn Working Capital Support extension to its successful Growth Funding Package, ongoing support and practical advice for businesses,” said the bank.

The SME support also includes loan repayment holidays and temporary emergency loans with no fees.

NatWest CEO Alison Rose said: “The ongoing uncertainty that the UK’s small and medium sized businesses are experiencing is unprecedented even by recent standards.

“While many of our customers are yet to feel the direct impacts of Coronavirus, I want NatWest to have the right support in place, so we are there to help our SME customers when they need us most.

“This is a priority for NatWest and we will remain proactive, continuing to listen to our customers – we are here to support and can help businesses manage any short term disruption.

“SMEs should not feel like they have to go through these uncertain times alone, we are here to help.”