Lloyds Bank Manufacturing was delighted to once again be supporting the Made in the Midlands’ Annual Expo, continuing the bank’s long-standing support to the Made in Group and its members – but also to the wider manufacturing sector, which accounts for around 23 per cent of all jobs in the Midlands and employs more than 600,000 people across the country.
Having originally pledged to lend in excess of £6 billion to manufacturers between 2013 and 2018, Lloyds Bank increased its commitment in 2018 by pledging a further £1 billion per year of new lending until the end of 2020.
This lending forms a central part of the bank’s support to the UK manufacturing sector and features in its Helping Britain Prosper Plan –aseries of commitments to help local communities and businesses prosper across the UK.
As well as increasing its lending to the manufacturing sector, Lloyds Bank has sought to address one of the industry’s biggest challenges – the shortage of skills – through its £10 million sponsorship of the Advanced Manufacturing Technology Centre (AMTC) in Coventry.
This commitment to the AMTC will enable the training and upskilling of 3,500 engineers, graduates & apprentices by 2024 – with almost 500 apprentices and engineers trained since the Centre’s launch in 2014.
Mark Meakin, local relationship manager and graduate of the University of Warwick and Warwick Manufacturing Group’s Manufacturing Awareness Training Programme, said on the bank’s support: “Throughout its history, Lloyds Bank has remained by the side of UK manufacturing – so we are proud to be continuing our commitment to the Made in Group and its Annual Midlands Expo.
“Having expanded our Annual Investment Allowance from £200,000 to £1,000,000 last year, the bank has made clear its commitment to the sector – and the Expo provided a great opportunity for businesses to seek opportunities for investment.”
As well as having several representatives from the Lloyds Bank Manufacturing team present at the Expo, discussing anything from working capital and exporting opportunities to improving factory floor efficiency, the bank will also shared its views on the latest developments in the manufacturing sector through a seminar with senior economist Rhys Herbert.