New ‘Growth’ Charter for SMEs

Charter sets out SME commitments

Lloyds Banking Group launches new ‘Growth’ Charter for SMEs

Lloyds Banking Group has announced it is to grow its lending to small and medium sized businesses by a further £1 billion this year as part of a brand new SME Charter, to help small firms harness vital growth opportunities.

We are committing to grow our total lending by £1 billion in 2014, building on the growth we have achieved over the past three years and giving businesses the backing they need.

Tim Hinton, Managing Director, SME and Mid Markets Banking

Support for start ups and exporters

As well as these lending pledges, the new Charter reaffirms the Group’s focus on supporting fledgling businesses, with a renewed commitment to help 100,000 start ups get off the ground this year. These businesses will be supported by a network of local business managers, nationwide.

The growing number of SMEs looking to tap into export markets are another focus of the Charter, with a pledge to increase lending through trade finance for overseas business by 25% during 2014. This reflects the Government’s measures announced in the Budget to increase lending for exporters.

Support for start ups and exporters

Commitment

“This new Charter clearly sets out the pledges we are making to our customers. We are committing to grow our total lending by £1 billion in 2014, at competitive margins, building on the growth we have achieved over the past three years; and we have doubled the amount certain local managers can lend at their own discretion. We will be fair and transparent in all of our dealings with our customers; and will provide broader support through our Relationship Managers and business specialists, as well as a growing number of business mentors.
 
“We are now seeing the recovery gathering pace and there are more reasons for small and medium-sized enterprises to be optimistic and to start investing for growth. We will continue to give businesses the backing they need, so that they can seize these opportunities. Our goal is to help businesses target their various growth opportunities both this year and beyond.”

 
Tim Hinton, Managing Director, SME and Mid Markets Banking, Lloyds Banking Group