Lloyds Banking Group boss António Horta-Osório has committed to lend £5bn to SMEs under the bank’s Funding for Lending Scheme in 2013.
In a letter to the group’s one million SME customers, Horta-Osório pledged support to get 100,000 start-ups off the ground this year.
“Small and medium sized businesses are the bedrock of the UK economy and I am determined to give them all the support they need,” Horta-Osório said. “This reassurance is critical if we are to help rekindle confidence and spur economic growth and that is why I want to give my personal commitment to supporting the sector through the letter I have sent today.”
All the SMEs under the scheme will get a 1% discount on their interest rates for the life of their loans, under the scheme, regardless of the sector in which they operate.
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