Economic IndicatorsTop News

Lloyds lends over 1 bln pounds on day one of new UK small business scheme

imageEconomic Indicators19 hours ago (May 05, 2020 10:45AM ET)

(C) Reuters.

LONDON (Reuters) – Lloyds Banking Group (L:LLOY) said it lent more than 1 billion pounds ($1.24 billion) to small businesses on Monday, when a new 100% state-guaranteed loan scheme opened to help the smallest firms weather the economic impact of the coronavirus.

“More than 32,000 of our small business customers applied for a bounce back loan on Monday and received the money on Tuesday,” Lloyds’ managing director for business banking, Gareth Oakley, said.

Britain’s major banks have faced widespread criticism from politicians and regulators for the slow pace of lending under an earlier scheme targeted at small and medium-sized businesses, where the government guarantees 80% of the money lent.

Lloyds lends over 1 bln pounds on day one of new UK small business scheme

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!