Manufacturers benefit from finance boost

MANUFACTURING firms across Yorkshire have benefitted from Lloyds Bank finance to help them fulfil their expansion plans.

Sheffield-based energy solutions firm Fulcrum, secured a £4m asset-based finance facility to pursue larger contracts and East Yorkshire’s Allam Marine – the diesel power generator manufacturer – switched its banking providers to Lloyds Bank and acquired £15m worth of new lending.

The bank has delivered more than £1bn of additional lending to over 2,500 manufacturing firms across the UK, including over 200 in the North, through its Manufacturing Commitment. It has done this within nine months – three months ahead of schedule.

The Manufacturing Commitment was launched in September 2012 to assist the manufacturing sector and bolster the UK economy. 

David Oldfield, managing director of SME and mid-market banking, Lloyds Banking Group, 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 1% reduction in the interest rate for new business loans. This is for the full term of the loan to businesses of all sizes.