£2 billion of arrangement fee free finance available to companies with turnovers of up to £25 million
Lloyds Banking Group has earmarked up to £2 billion of arrangement fee free finance for British small and medium-sized enterprises whose cash flow may be adversely affected by the coronavirus outbreak.
This additional financial support for business customers with turnovers of up to £25 million will include no arrangement fees for new overdrafts or overdraft limit increases and no arrangement fees for new or increased invoice discounting and finance facilities.
On top of this, repayment holidays will be available to those businesses impacted the most.
David Oldfield, group director, commercial banking at Lloyds Banking Group, says: “We fully understand how worrying these times are for business owners, concerned not only about their and their own family’s health and well-being, but also of their employees.
“They are also worried what the outbreak might mean for their business and with no knowledge of how or when they might be affected.
“As our customers face into such uncertainty, we want to provide reassurance to them that, if needed, we are here to help with additional working capital to get them through temporary interruptions to their business and their cash flow.”
It’s anticipated that a sustained and wide-scale outbreak in the UK will impact many business’ cash flows, as interruptions to supply chains or significant employee absence will reduce their ability to generate sales.
Lloyds has said that customers with a dedicated relationship manager will be contacted to discuss their financial needs.