Lloyds pledges £1.6bn for Scottish firms this year

Philip Grant is Lloyd Banking Group's ambassador for Scotland. Picture: Contributed
Philip Grant is Lloyd Banking Group's ambassador for Scotland. Picture: Contributed
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Lloyds Banking Group has announced it will provide up to £1.6 billion of lending to Scottish businesses this year.

The Bank of Scotland owner has pledged the funds as part of a wider commitment to lend £18bn to companies across the UK throughout 2020.

Lloyds said it is looking to support entrepreneurs, microbusinesses and small firms seeking to expand, as well as established mid-sized and large companies.

Last year the lender’s Scottish deals included backing Lerwick Port Authority with a £3 million funding package to develop a new white fish market at Lerwick Harbour.

The market will allow Shetland’s principal seaport to expand the capacity for landings and meet increasing demand from the island’s commercial fishing industry.

Philip Grant, Lloyds Banking Group ambassador for Scotland, said: “We anticipate lending up to £1.6bn to Scottish businesses, enabling them to reach their full growth potential throughout the next 12 months.

“Whether this means exporting, upscaling, hiring new staff, or investing in sustainable technologies, the support will help firms capitalise on opportunities across the country.”

Chief executive Antonio Horta Osorio added: “In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18bn to businesses across the UK.

“We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face.”

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