Part of Lloyds Banking Group’s national pledge to lend £18bn to UK businesses, the group expects to support firms in London with up to £2.6bn 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 London that the Group is committed to supporting businesses through 2019 and beyond.
The £2.6bn is available to firms across London 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, Transport for London’s (TfL) main bus provider, Metroline, secured a £50m finance package as part of Lloyds Bank’s £2bn Clean Growth Financing Initiative to invest in hybrid and all-electric vehicles.
Ed Thurman, Lloyds Banking Group’s Ambassador for London said, “London is home to some of the UK’s most innovative businesses. Access to financial support is vital so that we can continue to make the most of the variety of skillsets across a wide-range of sectors and services.
“We’re lending up to £2.6bn to businesses across London and hope this financial support, along with our expert guidance, will enable businesses to continue to thrive in this period of uncertainty.”
Throughout 2018, the Group demonstrated its ongoing commitment to supporting British businesses, launching initiatives such as the creation of the £500m growth fund to help firms invest in equipment which improves their productivity, backing the Lloyds Advanced Manufacturing Training Centre with an additional £5m to help train 3,500 manufacturing apprenticeships, and also the swift creation of a £50m 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 £500m 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 £750m in 2018 for social housing projects, contributing to the Group’s commitment to enable more people in Britain to get a home.