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Lloyds Banking Group pledges £2bn of new funding for small firms to help their cashflows cope with Covid-19

Wednesday March 11th, 2020

Lloyds Banking Group has pledged to offer £2bn of new funding for small firms, which won’t come with any arrangement fee, to help their cashflows cope with Covid-19.small_business_775593XSml

This will mean:

No arrangement fees for new overdrafts or overdraft limit increases, for small companies

No arrangement fees for new or increased invoice discounting and finance facilities

In certain circumstances, repayment holidays to be provided, to those businesses impacted the most

These measures should help fundamentally healthy firms cope with a short-term hit, if the UK imposes significant quarantine measures in the weeks and months ahead.

As our customers face into such uncertainty, we want to provide reassurance to them that, if needed, we are here to help with additional working capital to get them through temporary interruptions to their business and to their cashflow.

David Oldfield, group director for commercial banking at Lloyds Banking Group said:

“We fully understand how worrying these times are for business owners, concerned not only about their and their own family’s health and wellbeing, but also of their employees. They are also worried what the outbreak might mean for their business and with no knowledge of how or when they might be affected.”

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