The bank will also allow senior local managers the discretion to authorise up to £1m for those renewing loans, in addition to allowing £500,000 in discretionary new lending.
The bank will also aim to boost trade finance lending by 25 per cent in a bid to help exporting businesses and help 100,000 startups get off the ground.
Tim Hinton, Lloyds’ MD for SME and mid-market banking, said: “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.”
The pledge will be welcomed during a turbulent time for banks’ relationships with business customers – MPs are currently investigating whether SMEs have received fair treatment by the banking sector.
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