Lloyds Banking Group has today announced that it has beaten its 2015 target to provide £1billion in funding to UK manufacturers, as it continues to ramp up support for the sector.
The target, first set in 2013, saw the Group commit to provide £1billion additional funding support to manufacturers across the UK each year until 2017, in an effort to boost the sector’s growth and productivity, in both UK and overseas markets.
This year the target was achieved at the end of September and is set to hit £1.2billion by the end of October.
Tim Hinton, Managing Director, Mid Markets and SME Banking, Lloyds Banking Group, said: “Manufacturing is a vital part of the UK economy, and we are determined to ensure that businesses across the sector get the funding support they need.
“Through our commitment, we have made it clear to manufacturers across the UK that they can turn to us for support, not just for funding but for their full range of banking needs. I’m extremely proud that we’ve exceeded our target, for the third consecutive year, with a further quarter of 2015 still to go.”