NatWest has announced that it is in the process of winding down Esme Loans, its digital lending platform for SMEs.
The bank said it is focussing on funding other new and existing products.
“We are prioritising our investment spend across the bank on products and services that allow us to provide the best possible support for customers and colleagues,” said a NatWest spokesperson. “This is more critical than ever given that the pandemic has fundamentally changed the market in which we operate, and the support which our customers need."
They added: “After careful consideration, we have made the decision to wind down Esme Loans. The learnings that underpin Esme Loans will be integrated as we develop our ventures to better support our SME customers, who play such a crucial role in our economy.”
The move comes days after the bank launched a new digital advice platform for SMEs to help with their post-pandemic recovery.
The MentorDigital platform offers employment law, HR and health and safety guidance for SMEs as the UK takes its next steps out of lockdown and to help with planning to ensure staff and customers are well protected as they return to the workplace.
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