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Lloyds Banking Group helps 100,000 new start-ups

26th January 2016 Print

Over 103,000 new start-ups have been supported through Lloyds Banking Group’s ongoing commitment to help UK enterprises.

In a commitment made within its 2015 SME Growth Charter, Lloyds Banking Group pledged to help start-ups by supporting customers across the UK to get their new businesses up and running.

Recognising the impact these businesses have on the British economy, Lloyds Bank offers a range of support mechanisms to its customers as they seek to get established and grow. This includes a free online business toolbox, mentoring support, sector expertise and investment in improved digital services.  

The 100,000 new start-ups range from florists to small-scale manufacturers, and include a new plastering business set up by Steven Hall, who was amongst the 2,200 workers made redundant from the Redcar Steelworks in October. 

Jen Tippin, Managing Director, Retail Business Banking, at Lloyds Banking Group said “Small businesses are the lifeblood of the UK economy and we’re proud to have helped another 100,000 new ventures get off the ground. It’s a crucial part of our aim to help Britain prosper.

“We’re committed to supporting our customers through the pivotal moments in establishing their new business. Whether they’re setting up a small manufacturer, tea shop or high-tech business, we helped nearly 2,000 budding entrepreneurs to take their first steps to build their business.”

This milestone follows the launch of the new Lloyds Bank Business Current Account in October 2015. A number of digital improvements have been made to the new simplified account, which offers a wide variety of benefits including free online and electronic transactions and flexible access through its market-leading mobile app and online banking site. Features of the account include:

18 months’ free day-to-day business banking

Simple pricing and free electronic payments

Dedicated support from our UK-based business management team

Financial and digital tools for businesses

Case study – Steven Hall

Former SSI employee sees redundancy as a ‘new-start’

A new plastering firm will be able to make a good first impression with a freshly branded van and uniform after opening a Lloyds Business Bank Account.

Steve Hall, from Peterlee, County Durham, was amongst the 2200 workers made redundant from the Redcar steelworks, Sahaviriya Steel Industries UK (SSI) in October, and needed to open a business current account quickly to pay in his grant from Enterprise Agency for East Durham (EAED).

With an active Business Bank Account, Steve Hall Plastering has been able to order a new van which is being vinyl wrapped with company branding, branded T-shirts and jackets, and new equipment to help him manage a self-sustaining business.

Steve, 51, a married father of one said: “When you work for yourself you’re a salesman, first appearances count for a lot. You’ve got to make the right impression on your customers.

“I tried to see someone at another bank but no one would see me until January but that wasn’t quick enough. I needed to pay my funds into an account as soon as possible so I could order a van and have my signage put on it ready to start trading in the New Year. I had really good assistance from Lloyds, it was an extremely fast service – there was no waiting about.

“The team at Lloyds Bank went beyond their role to help me and helped me set up public liability insurance too so I’d be ready to start working straight away.

“I’ve been able to buy new equipment, like a board-lifter so I can do a two-man job by myself, but I’d like to take someone on to help prepare the plaster so I can get more done. In time I’d like to become a surveyor and take on a team of men to do larger jobs and sub-contracting, but that will come in time, it’s best not to run before I can walk.”