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December 3, 2008

Lloyds TSB publishes charter for SMEs

by Gill Montia

Story link: Lloyds TSB publishes charter for SMEs

Lloyds TSB has published a charter in which it promises additional help for small and medium sized enterprises (SMEs).

The group’s commercial division deals with over 600,000 SMEs and says it wants to provide more certainty on overdrafts and loans.

The bank will therefore pass on in full any cuts in the Bank of England’s base rate during 2008 and 2009 and maintain overdraft limits and overdraft margins at existing levels, where accounts are being maintained within agreed limits.

Customers with turnover up to £1 million have the lender’s assurance that it will look favourably on reasonable request for short-term finance and do what it can to support any viable business through temporary difficulties.

The bank says it will also continue to support SMEs with its Small Firms Loans Guarantee scheme and is looking at ways of providing additional funding from the European Investment Bank.

The support will be backed up with a series of 120 business advice seminars across the UK, offering specialist advice from Lloyds TSB managers and independent counsel from business expert.

According to Lloyds, its lending to small businesses has increased 18% over the past year, to around £18 billion.

 

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