Other News
Lloyds aid for SMEs ahead of Olympics
Sector: Central Government
Date Created: Tue 9th Feb 2010, 10:16:47
Source: Herald Scotland
Link: http://www.heraldscotland.com
Lloyds Banking Group has earmarked £1 billion loan funding to help firms exploit business opportunities connected with the 2012 Olympic and Paralympic Games, which could help small firms break into the lucrative market.
The bank said it would consider applications from firms from all sectors that are planning to compete for official contracts worth £1bn that are still to be awarded.
Lloyds will also make loans available to firms that are hoping to benefit from the ripple effect that the Government expects to generate a further £5bn business for firms that supply goods and services to those that win official contracts.
The scheme will be open to firms of all sizes. However, as the bulk of the contracts that are still to be awarded by Games authorities are relatively small in value, Lloyds Banking Group expects that small and medium-sized enterprises (SMEs) will be big beneficiaries.
The group said firms with a turnover of up to £15m will benefit from the provisions of its 2012 SME charter.
This includes a pledge to encourage enterprise by boosting access to finance and to provide clearer and fairer pricing for customers.
Lloyds will agree to any “reasonable request for competitive commercially-priced finance” from viable business customers. Lloyds will stage 50 seminars in Scotland to help firms understand the business benefits.
Donald Kerr, head of commercial banking for Scotland, said: “Scottish businesses could reap significant rewards from the Olympic Games and we want to make sure that they are able to secure competitively priced finance.
“We want firms to know that there is still time to take a share of the Olympic pie. We also want to encourage firms that are not yet involved to act quickly.”
