As part of Lloyds Banking Group’s national pledge to lend up to £18 billion to UK businesses in 2020, the Group expects to support South West firms with up to £1.5 billion of lending this year, highlighting its commitment to be by the side of British business whatever the future brings.
The Group’s support for UK businesses is an integral part of the Group’s current three year strategy, with the Group having already committed to grow its net lending to Start-ups, SME and Mid-sized businesses by £6 billion by 2020. The funding is available to firms across the South West and will support entrepreneurs looking to start a new business, micro-businesses seeking to scale-up and small businesses considering trading internationally for the first time. It will also support established mid-sized businesses and large, multinational corporations seeking further growth.
This new lending commitment for 2020 follows on from the Group’s pledge in 2019, also for £18 billion lent nationally and £1.5 billion available to the region’s firms. Despite the continuing challenging economic environment, the Group is not lessening its backing for British businesses and is on hand to support their growth aspirations.
Part of that money saw Lloyds Bank support Totnes cider brewer Hunt’s Cider with a £50,000 hire purchase facility last year. The finance has helped the eighth-generation family business to triple production to meet increased demand. Its products are stocked by household names including The Co-operative Group, Wetherspoons and The National Trust.
Jeremy Hayward, Lloyds Banking Group Ambassador for the South West, said: “This decade is set to be an exciting time for the South West, with a burgeoning digital and technology sector, and our very own spaceport in the pipeline.
‘It’s clear that there’ll be plenty of opportunities for the region’s firms to take advantage of in the year ahead. We anticipate lending up to £1.5 billion to South West businesses this year to support their ambitions.”
During 2019, as well as supporting British businesses’ growth aspirations, the Group assisted its customers in becoming more sustainable. The Group is on course to meet its ambitions to support existing and new customers with energy efficiency improvements for a further one million square feet of commercial real estate as well as delivering renewable energy projects capable of powering 3.5 million homes by 2020.
To support customers on their sustainability journey, over 450 relationship managers have undertaken intensive training on climate change and sustainability-related risks and opportunities in collaboration with the Cambridge Institute for Sustainable Leadership.
António Horta Osório, Chief Executive of Lloyds Banking Group said: “In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18 billion to businesses across the UK. We know that during uncertain times our customers look to us not just for financial support but also for 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.”