Bank is lending more to firms

Portsmouth South MP Stephen Morgan with the staff of The Emirates Spinnaker Tower and a snow covered Portsmouth as a backdrop       Picture by  Malcolm Wells (180319-0933)

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MEDIUM-SIZED firms in Hampshire were given more access to bank funds in the first three-quarters of last year, figures have shown.

In a statement released by Lloyds Bank Commercial Banking, businesses in the county and wider Thames Valley areas were given access to £969m – a rise of 7.1 per cent compared to the same time in 2011.

The figures relate only to money made available by Lloyds, but the bank said this increase in lending pointed to an improving outlook for the south’s businesses.

Lloyds Bank is encouraging more businesses to take advantage of the reduced borrowing costs during the year, and is looking forward to helping give out part of the government’s £80bn Funding for Lending Scheme.

The scheme was launched in August and helps businesses capitalise on the low cost of loans to speed up their investment and growth plans.