Lloyds TSB sets up SME support service

LLOYDS TSB has launched a help and advice programme for businesses, in response to its own research which showed that half of North West businesses want more support in the downturn.

The report, which questioned 500 UK firms with an annual turnover of up to £15m, including 57 in the North West, showed that two thirds of SMEs want further guidance on keeping costs down; 60% need advice on attracting customers; and 47% say they need help planning for the prospect of a prolonged recession.

Lloyds TSB Commercial’s new support programme provides businesses with online guidance and information, as well as face-to-face advice.

It includes a series of 120 nationwide business advice seminars, three of which have already taken placed in Greater Manchester.

One at the City of Manchester Stadium brought together around 300 businesses to hear advice from Lloyds TSB and independent experts on business planning, managing finances, finding and retaining customers, and working with local business advisors.

The bank’s free advice website, www.lloydstsb.com/businesssupport includes guides covering topics such as how to cut fixed monthly costs, how to get a better deal from suppliers, and how to retarget a business for changing times.

Phil Hawker, director for Lloyds TSB Commercial in Manchester, said: “Manchester businesses are going through an extremely tough trading period and many have already made some difficult decisions to help mitigate the impact of the recession. But, as the economy continues to falter, it is critical that local businesses get the support they need.

“There is no doubt that availability of funding plays a key part in the survival of any business and we are continuing to increase our lending here in Manchester. But we should not forget the importance of sound business advice in helping build a long-term successful business.”