Regional Growth Fund Support Available via Lloyds BankUncategorized
Keith Moore, regional manager at Lloyds TSB Commercial
Finance, discusses the funding options available to manufacturing firms in the
Midlands looking to invest and deliver sales success.
Manufacturing firms have long been the cornerstone of economic activity in the Midlands, creating regional employment opportunities and sustained expansion. To continue to deliver sales success and accelerate their business plans, firms need to make strategic investments.
For companies that are intending to purchase new machinery, a hire purchase facility is an ideal solution. It allows SMEs to upgrade their equipment and pay the loan back over a set period of time, which means the investment does not impact the firms daily activity. Businesses can secure the facility by taking advantage of reduced borrowing costs with the Lloyds Funding for Lending Scheme, which sees firms receive a one per cent discount for the life of their loan.
To invest in new machinery businesses need to raise an agreed deposit to secure funding support. There is help available, however, for companies that cannot raise the full
deposit with Lloyds Banking Groups Assisted Asset Purchase Scheme, which is
supported by the Governments Regional Growth Fund (RGF).
The scheme awards grants to SMEs that are creating economic growth and local job opportunities, to make up the shortfall in the deposit required. This enables businesses to
obtain the funding they need to purchase assets that can help to improve their production capabilities.
We are committed to supporting manufacturing firms with a desire to grow, and we have delivered over £1billion of funding to manufacturers across the UK through our Manufacturing Commitment, three months ahead of schedule.
With encouraging signs that business confidence in the Midlands is climbing, our regional team is available to provide dedicated funding support to local manufacturing firms that are looking invest in their future and deliver long-term sustainable growth.