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Bank has announced £1.3bn investment pot for the North West
National bank Lloyds has announced it is looking to invest £1.3bn in businesses in the North West. The bank has made a pledge to invest £18bn in UK businesses and £1.3bn will be in the region.
The £1.3bn is available to firms across the North West and will support entrepreneurs looking to start up a new business, micro-businesses looking to scale up and small businesses considering trading internationally for the first time. It will also support established mid-sized businesses, and large multi-national corporations seeking further growth.
Last year, Lloyds Banking Group supported Cheshire-based housing association Halton Housing. It confirmed plans to build 1000 new homes in the next five years, after securing a £60million funding package.
Lloyds Banking group ambassador for the North West, Nick Williams said “The North West is one of the top regional contributors to UK PLC and we want to support the businesses delivering this growth.
Up to £1.3billion of lending will help the region’s firms to access investment and realise their ambitions.
Here at Lloyds Banking Group we’re by the side of business and as part of our plan to help Britain prosper we’ll support those that need advice or a capital injection – be it to expand into new international markets, overcome recruitment challenges or improve productivity”.
in 2018 launched initiatives such as the creation of the £500million growth form to help firms invest in equipment to improve productivity.
It also backed the Lloyds Advanced Manufacturing Training Centre with an additional £5m to help train 3,500 manufacturing apprenticeships.
The bank also set up a £50million to support small businesses within the Carillion supply chain.
It also committed £750million in 2018 for social housing projects.