Funding announcement

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LLOYDS Banking Group has announced that it has become the first bank to access funding under the Government’s Funding for Lending Scheme, with an initial pot of £1bn from the Bank of England.

The group says it will lend this amount in a matter of weeks through discounted lending to small and medium-sized businesses, mid-market companies and cash-strapped homebuyers who maybe can’t access mortgages.

Paul Spencer, regional director for Lloyds TSB Commercial in the south and west, said: ‘This initial £1bn is just the start.’