Lloyds makes £1bn growth pledge to small and medium sized businesses

LLOYDS Banking Group has promised to lend a further £1bn this year to small and medium sized businesses and to double the amount its local managers can lend without central approval.
Lloyds Banking GroupLloyds Banking Group
Lloyds Banking Group

The pledge is part of a new SME Charter, to help small firms harness growth opportunities as the economic recovery continues to gather pace.

Lloyds said the new commitment will help to underpin its outperformance on lending, which it claimed has risen six per cent compared with a decline of three per cent across the wider industry.

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Local managers will now be able to lend £1m without having to ask for central approval, up from £500,000 previously.

Lloyds said it will also help 100,000 start ups get off the ground this year.

The bank has pledged to increase lending through trade finance for overseas business by 25 per cent during 2014 to help the growing number of SMEs looking to tap into export markets.

Leigh Taylor, Lloyds’ regional director SME banking in the North, said: “This new Charter clearly sets out the pledges we are making to our customers.

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“We are committing to
grow our total lending by £1bn in 2014, at competitive margins, building on the growth we have achieved over the past three years.

“We are now seeing the recovery gathering pace and there are more reasons for small and medium-sized enterprises to be optimistic and to start investing for growth.

“We will give businesses
the backing they need, so that they can seize these opportunities. Our goal is to help businesses target their growth opportunities.”