Lloyds Banking Group announces new lending offer to boost UK businesses
10 September 2012
Lloyds Banking Group has today launched a competitive new lending offer that will provide Small and Medium Enterprises (SMEs) and the UK’s Mid Market companies with further support as part of the Group’s long term commitment to going further to help Britain prosper.
The offer, under the banner “Lloyds Funding for Lending”, which utilises the Government’s Funding for Lending Scheme, will allow UK businesses to benefit from reduced funding costs and will offer:
- A 1% reduction in the interest rate for new business loans and hire purchase
- A discount for the full term of the loan
- A minimum loan amount of £1,000 with no maximum limit
- And it will be available to all SME and mid market customers, regardless of the sector that they operate in
Lloyds Funding for Lending allows businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment. The scheme follows on from the successful completion of the Government’s National Loan Guarantee Scheme, where Lloyds committed all of its £1.4bn allocation to SME customers.
Andrew Bester, CEO Wholesale, Lloyds Banking Group said: “As part of our commitment to help Britain prosper we are determined to provide simple, transparent and competitive funding to ‘UK plc’. SME and mid market businesses are vital to the future growth of the UK economy and that is why we are committed to passing on the full benefit of reduced funding costs to them so as to support their growth and investment plans. ”