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@Avalon.red

Lloyds Bank lends £1bn to businesses in 24 hours

by LLB Reporter May 6, 2020

written by LLB Reporter 6^th May 20 9:49 am

Lloyds Banking Group have lent more than £1bn to small businesses since Monday as pert of the governments bounce back loans scheme.

Over 32,000 businesses have received an average of £30,000 each, with the money hitting their accounts on Tuesday.

The bank said more than 100,000 businesses applied for loans up to £50,000 on Monday.

“We’re proud to play our part in supporting the lifeblood of the British economy at this crucial time,” said Gareth Oakley, managing director of business banking at Lloyds.

“More than 32,000 of our small business customers applied for a bounce back loan on Monday and received the money on Tuesday.”

Businesses can borrow 25% of their turnover which is capped at £50,000, from their bank.