As part of Lloyds Banking Group’s national pledge to lend £18billion to UK businesses*, the Group expects to support firms in the Midlands with up to £2.5billion** of lending during 2019.

As part of the Group’s continued commitment to help British businesses prosper, today’s announcement underlines to existing and new businesses across the Midlands that the Group is committed to supporting businesses through 2019 and beyond.

The £2.5billion is available to firms across the Midlands and will support entrepreneurs looking to start-up 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.

Last year, Lloyds Banking Group supported Wednesbury-based food manufacturer, KTC Edibles, providing a £40million funding package to increase its global export operations by 25 per cent over the next five years. The business’ annual turnover is £233million and this is expected to increase by at least 10 per cent over the next year.

Jo Harris, Lloyds Banking Group’s Ambassador for the Midlands, said: “The West and East Midlands are going from strength to strength. We have a wealth of major manufacturers at the forefront of technological development and innovation that are proud to call the region their home. By lending up to £2.5billion we hope to enable businesses in the West and East Midlands to scale up, trade internationally and grow.

“Alongside our continued investment in the Lloyds Advanced Manufacturing Training Centre, this new fund forms part of our continued support for the Midlands through our Helping Britain Prosper Plan.”

Throughout 2018, the Group demonstrated its ongoing commitment to supporting British businesses, 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, the Group reinforced its support to the UK housing sector by launching a £500million fund for housing associations last year, supporting the Government’s pledge to deliver 300,000 houses each year by the middle of the next decade. It also committed £750million in 2018 for social housing projects, contributing to the Group’s commitment to enable more people in Britain to get a home.

Support for businesses

* up to £18billion of gross lending in 2019

** Calculation based on prevailing Lloyds Banking Group lending projections

Additional

  • 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 SME and Mid-sized businesses by £6 billion by 2020.
  • Lloyds Banking Group is committed to helping businesses of all types and sizes, giving them the funding and support they need to grow at home and abroad. We have set out our pledges in our Helping Britain Prosper Plan.
  • Since the start of 2011, we have grown our net lending to SMEs by 34% whilst the market has contracted by 12%.
  • To see the latest supporting businesses factsheet please click here.