Lloyds Bank has delivered over £1bn of additional lending to over 2500 manufacturing firms across the UK in nine months through its Manufacturing Commitment, beating its set target by three months.
The Manufacturing Commitment was a one-year commitment launched last September to further assist the sector and bolster the UK economy.
The Commitment applied the Lloyds Funding for Lending offer of up to one per cent reduction in the interest rate for new business loans, with the full term of the loan available to businesses of all sizes.
David Atkinson, Area Director for SME Banking across the West Midlands for the Lloyds Banking Group said Lloyds launched the Manufacturing Commitment to recognise the importance of the role the sectors plays in the UK economy. So far we have helped over 2500 manufacturing companies across the UK by providing an additional £1billion of funding. Reaching our target three months ahead of scheduled is testament to the hard work of our local lending teams, he said. This Commitment has helped to create new jobs and support businesses expansion plans. We will continue to offer competitive rates to all our business customers through the Lloyds Funding for Lending offer as part of its efforts to help grow the UK economy.
The bank has also committed to expanding its network of managers supporting the manufacturing industry. Working in conjunction with the Warwick Manufacturing Group at the University of Warwick, Lloyds has trained nearly 170 Relationship Managers, over 30 of these are based here in the Midlands. It is now in the process of training more of its managers, giving them a better understanding of the sector and the challenges it faces.