Lloyds on target to deliver £1bn commitment to SMEs

Lloyds Bank Commercial Banking says it has delivered £700m to manufacturing firms over the past six months as part of a £1bn commitment that was set in September 2012.

The bank claims it is now on course to beat the £1bn Commitment target.

David Oldfield, head of SME and Mid Market Banking, Lloyds Banking Group said,

‘The manufacturing sector is a vital sector to the UK economy and we launched our £1bn commitment to further support economic growth and jobs that this sector creates. We have already seen a great appetite from manufacturing businesses that want to invest and expand even in these uncertain times.’

Companies that have recently benefitted from the Manufacturing Commitment include Norman Hay PLC, a Midlands based chemicals and engineering group has used additional funding to make two significant acquisitions; and William Jackson Food Group (WJFG), a Hull based food manufacturer that has used the additional funding to expand their product line and services.