Lloyds Banking Group confirms £1.4bn funding to support Yorkshire businesses

Lloyds Banking Group is expecting to invest up to £1.4bn in Yorkshire firms this year.

The forecast is part of a national pledge, announced today (January 16), to provide £18bn to UK businesses over the next 12 months.

With the £1.4bn earmarked for Yorkshire, Lloyds will look to support the region’s entrepreneurs as they launch new businesses or turn existing enterprises into scaleups.

The funding will also help small firms start trading internationally and larger businesses – from mid-sized operations to big, multinationals based in the region – unlock growth.

Barnsley-based sustainable food retailer Company Shop was among the Yorkshire companies to secure backing from Lloyds last year.

In November, the firm revealed plans to use a £4.2m funding package, drawn from the bank’s £2bn Clean Growth Financing Initiative, to open a raft of new stores and create hundreds of jobs.

Russell Galley, Lloyds Banking Group ambassador for Yorkshire and the Humber, said: “We hope lending up to £1.4bn will go some way to help local firms realise their growth ambitions.

“Whether it’s a startup tackling a breakthrough into Yorkshire’s expanding digital tech sector, or a large manufacturer shoring up supply chains ahead of Brexit, we are here to help with expertise and financial support.”

He added: “As part of our plan to help Britain prosper we’ll be by the side of business as they take on new opportunities and navigate challenges, be it recruitment, productivity or uncertainty.”