Lloyds Banking Group has further underlined its support for UK businesses, with the launch of a new 2012 Charter, setting out a series of commitments to help small and medium sized businesses (with a turnover of up to GBP15m) grow as the recovery gains momentum.
The new Charter covers business customers across both Lloyds TSB and Bank of Scotland and includes measures to help 300,000 new SMEs start up by 2012. It sets out a range of commitments to help stimulate demand and boost access to finance for SMEs, provide guidance to help businesses grow successfully and clarify the terms on which the bank will lend to its customers.
The initiative is part of a strategy to build relationships with customers through the economic cycle, fulfilling a promise to support businesses during downturns and upturns. They are intended to help provide confidence and clarity to businesses as the economy starts to emerge from recession and they build on the promises made by the Group in this year’s Charter for small firms.
John Maltby, MD of commercial at Lloyds Banking Group, said: “There is no doubt that business optimism is the foundation of any economic upturn and through the pledges we have set out today, to encourage enterprise, boost access to finance and provide clearer and fairer pricing, we hope to give businesses across the country the confidence they need to grow and lead the UK out of recession.”
Professor Russel Griggs, chairman of SME council at Confederation of British Industry, said: “This new customer charter is a welcome step and will also hopefully encourage more dialogue between banks and SMEs as well as understanding of each others challenges and opportunities.”
