Lloyds says it will finance SMEs

The new 2012 SME charter is aimed at addressing the complaints of both medium and small enterprises to help aid them find finance options despite current difficulties over securing finance.

The new commitment also aims at making strides to fulfil pledges made by Government to SMEs that will ease the constraints on SMEs from the recession and make recovery easier.

Lloyds stated that new charter will aid customers from the Royal Bank of Scotland and Lloyds TSB and will inspire discussions with Government ministers that will encourage all SMEs to getting better access to finance in exchange for agreeing to offer fairer pricing to its customer base who have a turnover of at least £15m.

Currently the group has around 18% of the SME market in Wales and England which places it behind the RBS and Barclays in the marketplace. Earlier attempts by the charter to drive up its SME customer base were limited due to the fact only businesses that were able to offer a turnover of under £1m were considered.

As part of the new charter the group will offer much stronger backup for about 300,000 start-ups and will also increase the amount of seminars that it offers from 120 to 200 per year over the next three years.

The aim of this charter is to provide online and personal guidance for SMEs that are just starting up and need aid with sustainability, finance, and employment.

Lloyds is also offering to guarantee that they will meet the finance needs of every reasonable request from customers that are deemed viable.