Published: 09:48, 06 January 2020
| Updated: 09:50, 06 January 2020
Firms across the south east are being told a bank is making up to £3.6billion available in lending this year.
It forms part of Lloyds Banking Group’s national pledge to lend up to £18bn to UK businesses in 2020.
The funding is available to firms across the region 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 similar pledge last year.
Part of that money saw the Agricultural Mortgage Corporation (AMC) support Egerton-based Frasers of Egerton, a working 300-acre dairy farm and hospitality business.
Thanks to a six-figure funding facility to convert a redundant concrete barn into accommodation, the business has welcomed a steady flow of guests since the new barn opened for bookings in September 2019 and is set to increase its annual turnover by 10-15 per cent.
Tara Foley, Lloyds Banking Group ambassador for the south east, said: “Sustainable economic growth is high up on the agenda for south east businesses in 2020. There’s a multitude of opportunities for firms to take advantage of – whether it’s adopting new productivity boosting technologies or expanding into new export markets.
“We anticipate lending up to £3.6bn to local firms this year to support them in meeting their ambitions.”
The Lloyds Banking Group is also 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.
António Horta Osório, chief executive of Lloyds Banking Group said: “We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face. Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper.”
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More by this authorChris Britcher