As part of Lloyds Banking Group’s national pledge to lend £18billion to UK businesses*, the Group expects to support firms in the East of England with up to £1.7billion** of lending during 2019.
As part of the Group’s continued commitment to help British businesses prosper, today’s announcement underlines to existing and new businesses across the East of England that the Group is committed to supporting businesses through 2019 and beyond.
The £1.7billion is available to firms across the East of England 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 Hightown Housing Association, which owns 6,300 affordable homes across Hertfordshire, Bedfordshire and Buckinghamshire. The association secured a £60million loan from Lloyds Bank Commercial Banking which will help to fund its development pipeline of over 2,000 new affordable homes in the next five years.
Matt Hubbard, Lloyds Banking Group’s Ambassador for the East of England, said: “The East of England has one of the most diverse business communities in the UK. From our advanced technology, software and biomedical businesses in Cambridge and the Silicon Fen to our strengths in agriculture.
“With up to £1.7billion of lending we’re looking to help businesses throughout the East of England to start up, scale up, trade internationally and ultimately grow. The support we’re offering today underlines our commitment to help Britain prosper, and ensures businesses and communities across the UK can continue to thrive.”
Throughout 2018, the Group demonstrated its ongoing commitment to supporting British businesses, launching initiatives such as the creation of the £500million 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 £50million 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 £500million 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 £750million in 2018 for social housing projects, contributing to the Group’s commitment to enable more people in Britain to get a home.