Bank doubles lending to North East businesses to £300m

Jul 6 2009 by Peter McCusker, The Journal

THE Lloyds Banking Group has committed itself to providing £300m of new lending to the region’s top 500-plus companies this year – £160m more than last year.

The bank has pledged the money as it sees a rise in the deals market over the coming year as the economic slowdown begins to bottom out.

The Lloyds Banking Group is committed to upping its lending in 2009 and committed £11bn to businesses nationwide with £300m of that available to the North East corporate team.

Mike Mullaney, Lloyds’ director and head of large corporate banking in the North East said: “We are continuing to lend through the cycle. Our customers have now got their heads around what has been happening in recent months and are becoming increasingly optimistic about the future.

“There are lending facilities available across the board, be it working capital, long-term investment, debt finance, cashflow finance or M&A activity.

“Good opportunities are now becoming available for some businesses and we are pleased to be in a position to help them make that next vital step.”