09/11/2009 - Lloyds to support 300,000 start-ups
The part-nationalised Lloyds Banking Group has pledged to help 300,000 new start-up businesses over the next three years.
It says that under its small-business charter it will help viable businesses get access to credit, while all its customers will benefit from "clearer and fairer" prices.
While announcing plans to raise another £21 billion, the bank reaffirmed a commitment made in March to lend a further £11 billion a year to businesses.
Meanwhile, the terms of overdrafts will remain the same as long as firms stay within agreed limits. Only in cases of "a material increase in risk" will the bank charge higher margins.
John Maltby, managing director of Lloyds TSB Commercial: "We hope to give businesses across the country the confidence they need to grow and lead the UK out of recession."
Russel Griggs, chairman of the CBI business group's SME Council, said: "Anything that increases transparency and understanding is welcome because small and medium-sized enterprises can then work more closely with banks to change or further enhance their business and address any concerns."
Copyright © Press Association 2009
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