Lloyds hits £1bn manufacturing lending target

LLOYDS Bank says it has loaned more than £1bn to more than 2,500 manufacturing firms across the UK, including over 200 in the North, over the past nine months.

The finance is part of its “manufacturing commitment” which launched last September and sought to hit this target within a year.

A North West firm supported by the scheme was Chorley-based Lyndhurst Precision Engineering, which supplies parts to the aerospace, automotive and nuclear industries.

David Oldfield, managing director of SME and mid-market banking at the bank, said: “We launched the manufacturing commitment in recognition of the fundamental role the manufacturing sector plays in the UK economy.

“Reaching our target three months ahead of schedule is testament to the hard work of our local lending teams. 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 commitment applied the Lloyds Funding for Lending offer of up to a 1% reduction in the interest rate for new business loans. This is for the full term of the loan to businesses of all sizes.