Lloyds pledges to back small and medium businesses

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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