Lloyds banking group supports Yorkshire Businesses in 2019 with up to £1.4bn of lending
Thu 17 Jan 2019
As part of Lloyds Banking Group’s national pledge to lend £18billion to UK businesses, the Group expects to support firms in Yorkshire with up to £1.4billion of lending during 2019.
As part of the Group’s continued commitment to help British businesses prosper, the announcement underlines to existing and new businesses across Yorkshire that the Group is committed to supporting businesses through 2019 and beyond.
The £1.4bn is available to firms across Yorkshire and will support entrepreneurs looking to start-up 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.
Last year, Lloyds Banking Group supported Barnsley based sustainable food retailer Company Shop, the UK’s largest redistributor of surplus food and household products have begun a UK expansion programme. Supported through £4.2m funding package drawn from Lloyds Bank’s Clean Growth Financing Initiative, Company Shop has plans open a further five new superstores over the next two years.
Lloyds Banking Group Ambassador for Yorkshire and the Humber, Russell Galley, said: “We hope lending up to £1.4bn will go some way to help local firms realise their growth ambitions. Whether it’s a start-up tackling a breakthrough into Yorkshire’s expanding digital tech sector, or a large manufacturer shoring up supply chains ahead of Brexit, we are here to help with expertise and financial support. As part of our plan to help Britain prosper we’ll be by the side of business as they take on new opportunities and navigate challenges, be it recruitment, productivity or uncertainty.”
Throughout 2018, the Group demonstrated its ongoing commitment to supporting British businesses, launching initiatives such as the creation of the £500m growth fund to help firms invest in equipment which improves their productivity, backing the Lloyds Advanced Manufacturing Training Centre with an additional £5million to help train 3,500 manufacturing apprenticeships, and also the swift creation of a £50m fund to support small businesses within the Carillion supply chain.
In addition, the Group reinforced its support to the UK housing sector by launching a £500m fund for housing associations last year, supporting the Government’s pledge to deliver 300,000 houses each year by the middle of the next decade. It also committed £750m in 2018 for social housing projects, contributing to the Group’s commitment to enable more people in Britain to get a home.
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