Lloyds TSB & HBOS to help Small Firms

Small Business Banking

Small Business BankingAs recent problems with credit have seen numerous UK small firms "hard done" by the banks, today LLoyds TSB and Halifax Bank of Scotland (HBOS) have announced pacakages to help small business.

The two banks, which are in the process of merging, announced their plans ahead of the Queen’s Speech today (Wednesday) which is expected to include a new statutory code of conduct for bank lending.

Lloyds TSB has introduced a 6-point charter to include a promise to pass on interest rate cuts to business clients with an annual turnover of less than £1M and agreeing any reasonable request for short-term financing.

Bank of Scotland (the BoS part of HBOS) is seeking £250m worth of funding from the European Investment Bank so that it can lend to small business at discounted rates.

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