Bank planning to lend £1.8bn to businesses in the region
A high street bank is planning to loan £1.3bn to business in the North West next year.
Lloyds Bank is making the funding available to firms across the region and will support entrepreneurs looking to start a new business, micro-businesses seeking to scale-up and small businesses considering trading internationally for the first time.
It will also support established mid-sized businesses and large, multinational corporations seeking further growth.
Despite the continuing challenging economic environment the bank is not decreasing its backing for British businesses.
Lloyds Bank supported one of the UK’s leading food manufacturers last year, Wrights Food Group.
The Crewe-based firm secured a £3m revolving credit facility to help support a £7m investment programme to enable them to create a new savoury line, ovens and cold storage facility.
The manufacturer makes more than 3.5 million savoury products a week and supplies a third of clubs in the English Football League.
Wrights has also recently rolled-out a new vegan range.
Elyn Corfield, Lloyds Banking Group ambassador for the North, said: “North West businesses flourished while facing challenging economic conditions last year. We expect lending up to £1.3bn to businesses across the region as they take advantage of the prospects ahead.
“New routes from Manchester airport, including a service to Shanghai, will help to better connect the region’s businesses with markets all over the world this year. This presents just one of many great opportunities for North West firms in 2020 and we’ll be by their side.”
The bank is on course to meet its ambitions to support existing and new customers with energy efficiency improvements for a further one million square feet of commercial real estate as well as delivering renewable energy projects capable of powering 3.5 million homes by 2020.
To support customers on their sustainability journey, over 450 relationship managers have undertaken intensive training on climate change and sustainability-related risks and opportunities in collaboration with the Cambridge Institute for Sustainable Leadership.
António Horta Osório, chief executive of Lloyds Bank, said: “In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18bn to businesses across the UK. We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face.
“Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper.”
