Lloyds Banking Group pledges to support businesses in 2019

Lloyds Banking Group has pledged to further support UK businesses in 2019 with a commitment to lend £18 billion to firms.

The lending commitment is backed by an advertising campaign highlighting that Lloyds Banking Group is by the side of British business whatever the future brings.

This £18 billion 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.

António Horta Osório, Chief Executive of Lloyds Banking Group commented, “In 2019, we will lend up to £18bn to businesses across the UK. During these uncertain times, it is important that our customers have financial support and 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.”

Examples of how Lloyds Banking Group supported businesses in 2018:

• Devon based business Green Resource Engineering completed its first ever deal with a business based in South Korea, providing a warranty bond as a foreign guarantee to secure the transaction. Foreign guarantees such as warranty bonds let businesses bid for overseas contracts that they wouldn’t have been able to otherwise, by mitigating risk and helping prospective international clients trade with confidence.
• Barnsley-based sustainable food retailer Company Shop, the UK’s largest redistributor of surplus food and household products, has begun a UK expansion programme. Supported through a £4.2 million funding package drawn from Lloyd’s Bank’s Clean Growth Financing Initiative, Company Shop has plans to open a further five new superstores over the next two years.

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