Lloyds Bank beats its £1 billion manufacturing commitment pledge three months ahead of target
14 August 2013
- Lloyds Bank has beaten its £1billion lending target to UK manufacturing firms across the UK three months ahead of schedule
- Through the Manufacturing Commitment, Lloyds Bank has provided more than 2500 manufacturing companies across the UK with finance to help fulfil their expansion plans
- Lloyds Bank continues to offer competitive lending rates to manufacturing firms through the Lloyds Funding for Lending Scheme
- The Group is committed to continue its support of the manufacturing sector by training Relationship Managers to gain an accreditation in manufacturing in conjunction with the Warwick Manufacturing Group at the University of Warwick
Lloyds Bank has delivered in excess of £1billion of additional lending to over 2500 manufacturing firms across the UK in nine months through its Manufacturing Commitment, beating the target it set itself three months ahead of schedule.
The Manufacturing Commitment was a one-year commitment launched in September 2012 to further assist the manufacturing sector and bolster the UK economy. The Commitment applied the Lloyds Funding for Lending offer of up to one per cent reduction in the interest rate for new business loans. This is for the full term of the loan to businesses of all sizes.
David Oldfield, Managing Director of SME and Mid Market Banking, Lloyds Banking Group said:
“We launched the Manufacturing Commitment in recognition of the fundamental role that the manufacturing sector plays in the UK economy. So far we have helped over 2500 manufacturing companies across the UK by providing an additional £1billion of funding. Reaching our target three months ahead of scheduled is testament to the hard work of our local lending teams.
“This Commitment has helped to create new jobs and support businesses’ expansion plans. We will continue to offer competitive rates to all our business customers through the Lloyds Funding for Lending offer as part of its efforts to help grow the UK economy.
Furthermore, Lloyds Bank has committed to expand its network of managers supporting the manufacturing sector. To date Lloyds Bank, in conjunction with the Warwick Manufacturing Group at the University of Warwick, has trained nearly 170 Relationship Managers. It is now in the process of training more of its managers, giving them a better understanding of the sector and the challenges it faces.