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Lloyds banking group announces new £1.6 billion lending commitment for businesses in Scotland

Posted: 6th January 2020

As part of Lloyds Banking Group’s national pledge to lend up to £18 billion* to UK businesses in 2020, the Group expects to support firms in Scotland with up to £1.6 billion of lending this year, highlighting its commitment to be by the side of British business whatever the future brings.

The funding is available to firms across Scotland 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.

This new lending commitment for 2020 follows on from the Group’s pledge in 2019, also for £18 billion lent nationally and £1.6 billion available to the country’s firms. Despite the continuing challenging economic environment, the Group is not lessening its backing for British businesses and is on hand to support their growth aspirations.

Part of that money saw Bank of Scotland support Lerwick Port Authority to develop a new white fish market at Lerwick Harbour by providing a £3 million funding package last year. The new fish market will allow Shetland’s principal seaport to expand the capacity for landings and meet increasing demand from the island’s commercial fishing industry. The new market, featuring the latest green technology and sustainable building materials, came from the Group’s Clean Growth Finance Initiative, which offers discounted funding to help businesses to lower their carbon emissions.

Philip Grant, Lloyds Banking Group Ambassador for Scotland, said: “We anticipate lending up to £1.6 billion to Scottish businesses, enabling them to reach their full growth potential throughout the next 12 months. Whether this means exporting, upscaling, hiring new staff, or investing in sustainable technologies, the support will help firms capitalise on opportunities across the country.

“As part of our plan to help Scotland prosper, we’ll continue to be by the side of business as we navigate new political and economic environments, and support firms to succeed in 2020.”

During 2019, as well as supporting British businesses’ growth aspirations, the Group assisted its customers in becoming more sustainable**.  The Group 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. We are putting sustainability at the heart of our relationship teams’ support for businesses.

António Horta Osório, Chief Executive of Lloyds Banking Group 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.”

 

Business Comment

Business Comment is the Edinburgh Chamber of Commerce’s bi-monthly magazine. It provides insight on Edinburgh’s vibrant business community, with features on the city’s key sectors, interviews with leading figures and news on new business developments in the capital.
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