Lloyds beats first-year lending target by £800m

Bank pledges to make further £12bn available in 2012


Lloyds Banking Group has surpassed its first-year lending target under Project Merlin by £800m, according to a company announcement today.

Lloyds says that, since the Merlin agreement came into force last February, it has lent £12.5bn to small and medium-sized enterprises – comfortably beating its target of £11.7bn.

The company adds that, for 2012, it has committed to making at least £12bn available to smaller companies – and keep its net lending balance positive.

John Maltby, group commercial director at Lloyd Banking Group, said:

“The UK’s recovery hinges on the success of small businesses. And we are resolute in our commitment to making sure they do succeed.

“We’ve grown our net lending during a time when, across the industry, net lending has slipped into reverse. But that is just the start. We’ve made a unilateral pledge to lend at least £12bn again in 2012, despite the continuing economic uncertainty.”

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