Lloyds Launch £500m Fund

Bondholder Lloyds Commercial Banking has launched a new £500m growth fund to help businesses invest in new technology and equipment.

The fund aims to support sectors where high-spec machinery and innovations like automation and other technology that can help businesses boost productivity and grow in a competitive marketplace.

Companies will be able to use asset finance to get quick access to the funds they need to buy expensive business critical equipment without damaging their working capital.

Ben Stephenson, managing director SME at Lloyds Bank Global Transaction Banking, said: "The pace of technological change is constantly challenging important UK sectors to invest in growth to remain competitive.

"But businesses need to be able to achieve this without damaging their access to working capital.

"This fund will enable more and more businesses to benefit from the flexibility of asset finance, which can be used to support firms’ needs throughout the economic cycle, whether that’s investing in growth or boosting efficiency."