Lloyds Banking Group pledges £1.4bn to Yorkshire businesses

Lloyds Banking Group will use up to £1.4bn of lending to support businesses across Yorkshire in 2019.

The funding is available to a wide variety of firms across the region and will support entrepreneurs looking to startup a new business, micro-businesses seeking to scale up and small businesses considering trading internationally for the first time.

The group said it will also support established mid-sized businesses and large, multinational corporations seeking further growth.

In 2018, Lloyds Banking Group supported Barnsley-based sustainable food retailer Company Shop, the UK’s largest redistributor of surplus food and household products have begun a UK expansion programme.

With a £4.2m funding package from Lloyds Bank’s Clean Growth Financing Initiative, Company Shop has plans open a further five new superstores over the next two years.

Russell Galley, Lloyds Banking Group ambassador for Yorkshire and the Humber, said: “Whether it’s a start-up tackling a breakthrough into Yorkshire’s expanding digital tech sector, or a large manufacturer shoring up supply chains ahead of Brexit, we are here to help with expertise and financial support.

“As part of our plan to help Britain prosper we’ll be by the side of business as they take on new opportunities and navigate challenges, be it recruitment, productivity or uncertainty.”

This announcement is part of the group’s overall national pledge to lend £18bn to UK firms.

Throughout 2018 the Group also created the £500m growth fund to help firms invest in equipment which improves their productivity; backed the Lloyds Advanced Manufacturing Training Centre with an additional £5m to help train 3,500 manufacturing apprenticeships; and launched a £50m fund to support small businesses within the Carillion supply chain.