As part of Lloyds Banking Group’s national pledge to lend £18billion to UK businesses, the Group expects to support firms in Scotland with up to £1.6billion 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 Scotland that the Group is committed to supporting businesses through 2019 and beyond.
The £1.6billion is available to firms across Scotland 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 Aberdeenshire housebuilder, Castle Homes, secure a six-figure funding package to build a new housing development specifically for first-time buyers.
Philip Grant, Lloyds Banking Group’s Ambassador for Scotland, said: “Lending up to £1.6billion will go some way in helping businesses across Scotland unlock their ambitions for the year ahead. The next twelve months will be of particular interest to Scottish businesses as they seek more clarity over the UK’s future international trading relationship. That’s why as part of our plan to help Scotland prosper, we’ll be by the side of business offering advice and practical support on how to capitalise on opportunities.”
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.