07 Jan Lloyds Banking Group announces £1.7bn for businesses in the East
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 firms in the East of England with up to £1.7 billion of lending this year, highlighting its commitment to be by the side of British business whatever the future brings.
The funding is available to firms across the East of England 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 £1.7 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 Suffolk-based sauce maker, Stokes Sauces, last year with a £450,000 finance package. The finance has helped the business – which makes condiments including ketchup, chutney and jam for major brands in more than 50 countries worldwide – to double its capacity and to launch new, recyclable packaging.
David Atkinson, regional director for the East of England, said: “There are many fantastic opportunities for East of England businesses to take advantage of in 2020. Whether it’s investing in more sustainable ways of working, technologies that help to boost productivity, or to expand into new markets – we’ll be by their side whatever happens.
“We anticipate lending to be up to £1.7 billion to firms across the East of England this year, as we back their efforts to grow and thrive.”
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. We are putting sustainability at the heart of our relationship teams’ support for businesses.