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Lloyds unveil six-point initiative to help small businesses
Lloyds TSB has announced a six-point charter of measures designed to help small companies through the recession.
The bank has promised its 600,000 small business customers that it will pass on in full any further rate cuts in 2008 and 2009, to host 120 seminars to provide expert guidance and to agree to any reasonable request for short-term financing.
Lloyds have also promised to not change a company's overdraft terms on renewal unless their risk profile increases and to maintain lending terms at the base rate rather than the more expensive Libor rate.
The financial company claim to be one of the few banks to increase their lending to small firms, with the total lent rising 18% to £18bn over the past year.
Other banks have responded by claiming that they already have measures in place to help small firms.
"We are opening over 2,000 new start up business bank accounts each week," said a spokesperson for HSBC.
Post Date: December 3rd, 2008
The bank has promised its 600,000 small business customers that it will pass on in full any further rate cuts in 2008 and 2009, to host 120 seminars to provide expert guidance and to agree to any reasonable request for short-term financing.
Lloyds have also promised to not change a company's overdraft terms on renewal unless their risk profile increases and to maintain lending terms at the base rate rather than the more expensive Libor rate.
The financial company claim to be one of the few banks to increase their lending to small firms, with the total lent rising 18% to £18bn over the past year.
Other banks have responded by claiming that they already have measures in place to help small firms.
"We are opening over 2,000 new start up business bank accounts each week," said a spokesperson for HSBC.
Post Date: December 3rd, 2008
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