Lloyds local managers given ability to lend £1m unapproved

A NEW SME charter from Lloyds Banking Group includes giving local managers the ability to lend up to £1m without central approval.

That is double the current limit.

Lloyds says the aim of its charter is to help small and medium-sized businesses
capitalise on growth opportunities during 2014.

To help them do this the bank will be growing its net lending to SMEs by a further £1bn this year and says it wants to help a further 100,000 start-ups get off the ground

It is also pledging to grow lending for overseas trade by 25%.

The unapproved lending extension to £1m will be available to senior managers across the UK, where they are agreeing to renew lending.

Leigh Taylor, regional director SME banking in the Midlands and North at Lloyds Bank Commercial Banking, said: “This new charter clearly sets out the pledges we are making to our customers. 

“We are committing to grow our total lending by £1bn in 2014, at competitive margins, building on the growth we have achieved over the past three years, and we have doubled the amount certain local managers can lend at their own discretion.

“We will be fair and transparent in all of our dealings with our customers and will provide broader support through our relationship managers and business specialists, as well as a growing number of business mentors.”