Lloyds Banking Group to help 25k North West firms export by 2020

Lloyds Banking Group has unveiled a new push to strengthen the economy of the North West by helping thousands of the region’s businesses become first-time exporters.

As part of its new trade pledge, the group will seek to slash the UK’s widening trade deficit by supporting 5,000 new exporters this year and 25k by 2020, helping the government reach its goal of getting 100k firms to start trading overseas with its nationwide Exporting is GREAT campaign.

Lloyds Banking Group’s regional director of SME banking for the North West, Martyn Kendrick, said: “The future success of the UK economy hinges on small businesses looking to overseas markets for growth.

“Through this new pledge, we want to support a new legion of North West exporters, and ultimately to help the UK economy to prosper.”

He added: “We have been working in partnership with UKTI for the past year, looking at ways to boost UK exports, and through this commitment we hope to contribute towards its goal of supporting 100k new exporters by 2020.”

Liverpool-headquartered Fruitapeel, a manufacturer of juices and smoothies, is one example of a North West business benefiting from exporting, according to Lloyds.

With the help of a £2.3m banking facility, Fruitapeel extended the shelf life of its products by investing in new technology and now has access to new overseas markets. The company has already started exporting to Ireland and has plans to sell its products across Europe in the next three years.

Lord Price, the Minister of State for Trade and Investment, commented: “It’s great to see the banks doing their bit to support small- and medium-sized businesses looking to invest and create jobs.

“By working together like this we can make sure British businesses up and down the country have the support they need to export their goods and services around the world, and that the UK remains a great trading nation.”

Lloyds’ new commitment forms part of its 2016 SME Charter.