Midlands businesses see lending boost
from the Centre of Excellence at KSIBS
According to Greater Birmingham Chamber of Commerce,
Lloyds Banking Group has committed to lend £2.5 billion to Midlands businesses, as part of a national pledge by the bank to lend £18 billion to UK businesses during 2019. The £2.5 billion is available to firms across the region, which will support entrepreneurs looking to start-up 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.
Last year, Lloyds Banking Group supported Wednesbury-based food manufacturer, KTC Edibles, providing a £40million funding package to increase its global export operations by 25 per cent over the next five years. The business’ annual turnover is £233 million and this is expected to increase by at least 10 per cent over the next year. Jo Harris, Lloyds Banking Group’s ambassador for the Midlands, said: “The West and East Midlands are going from strength to strength.
“We have a wealth of major manufacturers at the forefront of technological development and innovation that are proud to call the region their home. By lending up to £2.5billion we hope to enable businesses in the West and East Midlands to scale up, trade internationally and grow.”