Lloyds Banking Group has announced that it has beaten its 2015 target to provide £1bn in funding to UK manufacturers.
The target, first set in 2013, saw the Group commit to provide £1bn additional funding support to manufacturers across the UK each year until 2017, in an effort to boost the sector’s growth and productivity, in both UK and overseas markets.
This year the target was achieved at the end of September and is set to hit £1.2bn by the end of October.
Tim Hinton, managing director, Mid Markets and SME Banking, Lloyds Banking Group, commented: “Manufacturing is a vital part of the UK economy, and we are determined to ensure that businesses across the sector get the funding support they need.
“Through our commitment, we have made it clear to manufacturers across the UK that they can turn to us for support, not just for funding but for their full range of banking needs.
“I’m extremely proud that we’ve exceeded our target, for the third consecutive year, with a further quarter of 2015 still to go.”
As well as this financial help for the sector, the bank has committed to a £5m a year, five-year investment in the Lloyds Bank Advanced Manufacturing Training Centre at the Manufacturing Technology Centre, Coventry.
The Advanced Manufacturing Training Centre, which is set to open in the next few months, will help to train 1,000 new manufacturing apprentices, in order to help address the skills gap across the sector in the UK.
James Walton, director, Manufacturing, Mid Markets, Lloyds Banking Group, said: “Our financial support is just one way in which we are backing this vital part of the UK economy.
“Through the Lloyds Bank Advanced Manufacturing Training Centre we hope to train a new generation of manufacturing specialists, in order to help safeguard the future of the sector.”
In addition, the Group is continuing its programme of specialist training for its managers across the UK. The programme is delivered in partnership with the Warwick Manufacturing Group at the University of Warwick and is designed to help the Group provide more focused support for the sector. So far, 300 managers across the Group have been trained.