Lloyds Bank topped its own estimate of GBP1 billion loans for UK manufacturers before September 2013. The British government owns 39% of Lloyds and had again lent another GBP700 million to manufacturers in the last half year.
In a statement, David Oldfield, head of SME and mid-market banking at Lloyds, "We have already seen a great appetite from manufacturing businesses that want to invest and expand even in these uncertain times."
This program is done under the Bank of England's Funding for Lending scheme offering firms a 1% reduction in the interest rate for new loans and this applies for the full term of the loan for all business sizes.
The British parliament is putting pressure on Lloyds and other banks to increase lending at the same time improve its financial position to meet demands from regulators.
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