The bank also intends to double the amount its local managers can lend without central approval.
Local managers will now be able to lend £1 million without any central approval, previously the limit rested at £500,000.
The group has set a target of assisting the initiation of 100,000 start-ups. The new commitment will support its outperformance on lending, which it claimed has risen six per cent despite a decline of three per cent across the wider industry.
Leigh Taylor, Lloyds’ Regional Director SME Banking in the North, said: “This new Charter clearly sets out the pledges we are making to our customers.
“We are committing to grow our total lending by £1 billion in 2014, at competitive margins, building on the growth we have achieved over the past three years.
“We are now seeing the recovery gathering pace and there are more reasons for small and medium-sized enterprises to be optimistic and to start investing for growth.
“We will give businesses the backing they need, so that they can seize these opportunities. Our goal is to help businesses target their growth opportunities.”
Leave a comment