East of England businesses get £1.7bn leg-up from Lloyds
PUBLISHED: 15:36 16 January 2019
Lloyds Banking Group expects to support firms in the East of England with up to £1.7billion of lending during 2019, as part of its national pledge to lend £18bn to UK businesses.
The cash 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.
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 £1.7bn 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.”
In 2018, the group launched 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 £5m 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 £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 £750m in 2018 for social housing projects, contributing to the group’s commitment to enable more people in Britain to get a home.