Lloyds Bank pledges support to first-time exporters in Yorkshire
Lloyds Banking Group has pledged to support local companies become first-time exporters. As an effort to support and encourage SMEs, Lloyds will be supporting 5,000 exporters in Yorkshire in 2016 and intends to support a total of 25,000 first-time exporters by 2020.
The bank’s campaign has been launched in support of the government’s Exporting is GREAT campaign, which aims to help up to 100,000 businesses trade overseas.
Lloyds Bank Yorkshire SME Banking Director, Leigh Taylor, said: “The future success of the UK economy hinges on small businesses looking to overseas markets for growth. Through this new pledge, we want to support a new legion of Yorkshire exporters, and ultimately to help the UK economy to prosper.”
Taylor added that Lloyds Bank has been working for the last year in partnership with UK Trade and Investment (UKTI) to find ways to increase UK exports. He hopes that the bank’s commitment will contribute to the government’s goal of encouraging and supporting 100,000 new exporters by 2020.
Lloyds has pledged to invest £450 million in digital technology and training over the next three years as a way to meet its commitment to support new exporters. This will include a new International Trade Portal, which will allow businesses to recognise export opportunities and operate in the global market. The portal will also function as a digital business banking platform.
The bank has convened a group of export specialists to work with small business owners to develop export opportunities, provide banking support and offer information and suggestions to Lloyds’ customers on the countries they intend targeting.
It is also partnering with specialists from UKTI and other similar organisations besides its 300-strong group of staff who are trained in international trade.