Finances have been hit hard by the pandemic, but Lloyds Banking Group is determined to help businesses rebuild and grow after the past year of uncertainty.
From helping 48,000 businesses to start up in the first half of this year alone, to lending nearly £10billion to help people get on the
property ladder, Lloyds Banking Group is passionate about supporting Britain’s road to recovery and helping the economy bounce back.
During the pandemic, finances have been front of mind for many, and the unprecedented situation we have found ourselves in has led to unique money worries for businesses and consumers alike. Now society has opened up again and confidence in business has been on the rise for some months, and with the right support and insights, business can flourish.
Recovery isn’t simply a matter of profit and loss. It’s about getting people back into jobs they love, and getting the tills ringing again. Lloyds Banking Group has provided almost £13billion through the UK Government’s Covid support schemes to more than 353,000 businesses, and more than 34,000 capital repayment holidays since the start of the pandemic.
To help businesses recover, adapt, and grow, the Group has 1,100 business specialists in communities across Britain, supporting companies with bespoke recovery plans. With skills shortage being one of the big barriers to growth for small businesses, it is also providing digital support through regional academies, partnerships, and mentoring. And, so far this year, it has already boosted the digital capabilities of 75,000 small businesses.
Lloyds Banking Group is also supporting better housing, with record lending to first-time buyers and support for the social housing sector.
As well as helping people buy a home, it is committed to making sure more quality houses are available – it has already exceeded its target of £1.5billion of new funding for the social housing sector in 2021.
First-time buyers have had an uncertain year, but Lloyds Banking Group has lent around £9billion to help them get on the property ladder, and has almost reached its £10billion lending commitment to them for this year.
While the road ahead still remains uncertain, Lloyds Banking Group is committed to supporting people and businesses on the path to recovery.
New funding for social housing
Capital payment holidays
Mortgage lending to first-time buyers
Businesses given support to boost their digital capital
Branches remained open during pandemic