Lloyds Bank has announced that it has delivered in excess of £1bn of additional lending to over 2,500 UK manufacturing firms through its Manufacturing Commitment.
The Manufacturing Commitment was a one-year pledge launched in September 2012 to further assist the manufacturing sector and bolster the UK economy.
The Commitment applied the Lloyds Funding for Lending offer of up to one per cent reduction in the interest rate for new business loans for the full term of the loan to businesses of all sizes.
Companies that have benefited from the Manufacturing Commitment include MIRA, the Midlands-based automotive research and development organisation that acquired an £11m funding package which was used to support the development of facilities at their new Technology Park and assisted with the acquisition of new specialist rig equipment.
Similarly, Allam Marine, a Yorkshire-based diesel power generator manufacturer, acquired £15m of new lending to help sustain growth.
Yorkshire-based Fulcrum, an energy solutions firm that provides technical engineering, will pursue larger contracts after securing a £4m asset based finance facility.
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.
‘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.
Lloyds Bank has committed also to expand its network of managers supporting the manufacturing sector. To date Lloyds Bank, in conjunction with the Warwick Manufacturing Group, has trained nearly 170 Relationship Managers and is now in the process of training more staff to give them a better understanding of the sector and the challenges it faces.