Manufacturers helped by bank’s funding plan

Poundworld is planning to close about 100 stores. Picture: Anna Gowthorpe/PA Wire

Poundworld to close about 100 stores putting more than 1,500 jobs at risk

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MORE than 250 firms in the south east have benefitted from funding, says Lloyds Bank.

It has this morning announced it has beaten its national £1bn lending target by three months.

The money has been handed out by the bank as part of its Manufacturing Commitment, launched last September, which reduced the lending rate for manufacturing firms by one per cent.

So far, nationally, 2,500 firms have benefitted from the scheme.

In the south east, Sussex-based Parafix, a business that makes self-adhesive materials, secured a £1.75m invoice finance facility for its working capital.

David Oldfield, Lloyds’ managing director of SME and mid-market banking, said: ‘We launched the Manufacturing Commitment in recognition of the fundamental role the manufacturing sector plays in the UK economy.

‘This commitment has helped to create new jobs and support businesses’ expansion plans.’

Lloyds will continue to lend to other sectors through the government’s Funding for Lending scheme.