Lloyds Banking Group has announced it expects to lend £1.3 billion to businesses in the North West in 2020. The announcement is part of a wider plan to lend £18 billion nationwide to support UK businesses wishing to grow.
The loans are designed to support entrepreneurs start-up businesses, small businesses looking scale up and trade overseas for the first time, as well as larger businesses looking to grow further.
The bank wishes to highlight with the announcement of lending plans that it is looking to support businesses in the North West, despite uncertain economic circumstances.
Elyn Corfield, Lloyds Banking Group ambassador for the North, said:
North West businesses flourished while facing challenging economic conditions last year. We expect lending up to £1.3 billion to businesses across the region as they take advantage of the prospects ahead.
“New routes from Manchester Airport, including a service to Shanghai, will help to better connect the region’s businesses with markets all over the world this year. This presents just one of many great opportunities for North West firms in 2020 and we’ll be by their side.”
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 £18 billion 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.”