As part of Lloyds Banking Group’s national pledge to lend £18billion to UK businesses, the Group expects to support firms in Wales with up to £1.1billion of lending during 2019.
As part of the Group’s continued commitment to help British businesses prosper, today’s announcement underlines to existing and new businesses across Wales that the Group is committed to supporting businesses through 2019 and beyond.
The £1.1billion is available to firms across Wales and 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 South Wales cold storage firm, Wild Water Group, in the purchase of a 130,000 sq ft warehouse in Aberbargoed with the support of a £1.7million funding package.
Carys Williams, Lloyds Banking Group’s Ambassador for Wales, said:
“Welsh businesses have continued to show impressive resilience and determination to succeed in 2018. Wales is home to many dynamic and innovative businesses that hold huge potential to grow in the next twelve months.
“Being able to lend up to £1.1billion this year to our diverse business community should give entrepreneurs, starts ups and SMEs the capital they need to reach their ambitions, whether it’s to launch a new venture or start trading internationally for the first time. We’re committed to supporting Welsh firms of all sizes, both financially and through our specialist expertise as they go for growth in 2019.”
Throughout 2018, the Group demonstrated its ongoing commitment to supporting British businesses, launching initiatives such as the creation of the £500million growth fund to help firms invest in equipment which improves their productivity, backing the Lloyds Advanced Manufacturing Training Centre with an additional £5million to help train 3,500 manufacturing apprenticeships, and also the swift creation of a £50million fund to support small businesses within the Carillion supply chain.
In addition, the Group reinforced its support to the UK housing sector by launching a £500million fund for housing associations last year, supporting the Government’s pledge to deliver 300,000 houses each year by the middle of the next decade. It also committed £750million in 2018 for social housing projects, contributing to the Group’s commitment to enable more people in Britain to get a home.