Lloyds pledges financial support to region’s manufacturing businesses
LLOYDS TSB Commercial Banking has announced it is to partner with a West Midland manufacturing initiative to try and bolster private sector growth in this vital industry.
The new partnership will see the bank work closely with Made in the Midlands to support the group’s 250 regional members in areas such as outlining access to funding, international trade advice and financial news bulletins, helping to grow and develop what is a fundamental sector to the UK economy’s resurgence.
Made in the Midlands lobbies on behalf of the West Midlands manufacturing industry by providing a platform for firms to improve, source and collaborate with other local businesses. Its members created 800 new jobs in the region last year and generated a collective annual turnover of £3bn.
Many are taking part in the initiative’s latest trade exhibition, which takes place at Wolverhampton Racecourse on Thursday. Around 70 firms and organisations – including the bank – will be represented at the event, which is billed as chance for supply firms to sell their services to Jaguar Land Rover ahead of the opening of its new engine plant at the i54 site outside the city.
Mike Middleton, relationship director at Lloyds TSB Commercial Banking, said: “Made in the Midlands is a respected and growing local organisation that provides manufacturing firms in the region with the tools to succeed, and this new partnership reflects our commitment to supporting local manufacturers.
“The upcoming exhibition event is the biggest of its kind for manufacturers in the West Midlands, and the team is looking forward to providing support to those with strong ambitious and plans to move their business forward.”
Charles Addison, director at Made in the Midlands, said: “The fundamental aim of Made in the Midlands is to support manufacturers and unlock essential finance avenues, and we are looking forward to developing some innovative ideas through our new partnership with Lloyds Bank that will be of interest to our members.
“The manufacturing industry is the cornerstone of employment generation and economic growth in the West Midlands, and working with partners like Lloyds Bank and holding these events means local firms have the opportunity to build a network to help them develop a sustainable future.”
Lloyds said it had delivered £700m to manufacturing firms over the past six months as part of a £1bn commitment set down in September 2012. The bank said it was now on course to beat the £1bn target, and has also put over 100 relationship managers through an external accreditation programme in manufacturing at WMG at Warwick University.
