Lloyds Banking Group supports UK firms with £18billion lending plans

Lloyds Banking Group has pledged to further support UK firms in 2019 with a commitment to lend £18billion.

It said the money will support a range of different businesses.

These include entrepreneurs looking to start a new venture, micro-businesses seeking to scale up and small companies considering trading internationally for the first time.

It will also support established mid-sized businesses and large, multinational corporations seeking further growth.

Lloyds said that, throughout 2018, it demonstrated its ongoing commitment to supporting British businesses.

Initiatives

It launching initiatives such as the creation of the £500million growth fund to help firms invest in equipment which improves their productivity; backing the Lloyds Advanced Manufacturing Training Centre with an additional £5million to help train 3,500 manufacturing apprenticeships; and also the swift creation of a £50million fund to support small businesses within the Carillion supply chain.

In addition, Lloyds said it reinforced its support to the UK housing sector by launching a £500million fund for housing associations last year, as well as committing £750million in 2018 for social housing projects - contributing to the group’s commitment to enable more people in Britain to get a home.

Group chief executive Antonio Horta Osorio, said: “In 2019, we will lend up to £18billion to businesses across the UK. During these uncertain times, it is important that our customers have financial support and expert guidance to navigate the challenges they may face. Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper.”

Lloyds said that, since the start of 2011, it has grown net lending to SMEs by 34% while the market has contracted by 12%.