Lloyds has offered brokers a 40% share of its service fee revenue, which is generated from their clients for the duration of the account.
Brokers who refer their clients to Lloyds will receive transparent monthly rewards and the support of dedicated relationship and on-boarding managers.
This proposition applies to SMEs clients (businesses with a turnover of up to £25m) that take up Lloyds Bank’s invoice discounting, factoring or asset-based lending products.
- Lloyds appoints new regional head
- Exclusive: Growth Street to enter broker market
- Brokers frustrated by poor lender communication
Phil Beales, director of retail business banking and direct invoice finance, global transaction banking at Lloyds, said: “Our new proposition offers invoice finance brokers one of the most competitive reward structures currently available on the market and acknowledges the part they play in supporting SME businesses to access appropriate funding and the value clients gain from a stable and strong financial platform.
“Typically, our clients stay with us for more than seven years and we currently have more than 200 businesses that have been with us for more than 20 years.
“This retention rate has been achieved through our depth of funding experience and knowledge.
“Our brokers know their clients will receive tailored guidance on how to develop an effective working capital management strategy and quality of service that’s specifically geared towards supporting UK businesses.”
Leave a comment