Lloyds announces pledge to help 25,000 exporters by 2020

The Group, which includes Bank of Scotland, said its ambitious export pledge will see it support 5,000 first time exporters during 2016, and a total of 25,000 by 2020 – a target which will help contribute towards the UK Government’s goal of helping 100,000 businesses start trading overseas, as part of its Exporting is GREAT campaign, by the end of the decade.

The new commitment is part of the Group’s 2016 SME Charter, published today, which also includes pledges to continue growing lending to small businesses; help a new generation of start-up businesses; and support small firms on their next phase of growth.

Gareth Oakley, Managing Director, SME Banking, Lloyds Banking Group, 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 UK exporters, and ultimately to help the UK economy to prosper.

“We have been working in partnership with UKTI for the past year, looking at ways to boost UK exports, and through this commitment we hope to contribute towards its goal of supporting 100,000 new exporters by 2020.”

The Group has committed to invest a total of £450 million in digital technology and training, over the coming three years, which will help support the commitment. Key developments will be a new International Trade Portal, through which businesses across the UK will be able to learn how to identify opportunities and operate across the globe; as well as a new Internet Banking portal for businesses.

The Group also has a network of export specialists, on the ground across the UK, who help develop overseas trade opportunities for customers; provide specialist banking support; and advise on the countries that customers are hoping to target. In addition, the Group has trained more than 300 staff across the UK in international trade.

Mr Oakley continued: “Successful exporting is no mean feat – and that is why we are investing in both on-the-ground expertise and digital technology, in order to ensure that businesses have the backing they need to succeed.”

Minister of State for Trade and Investment, Lord Price, said: “This government has committed to having 100,000 more UK companies exporting by 2020 and this pledge by Lloyds is a welcome contribution towards this target. It’s great to see the banks doing their bit to support small and medium sized businesses looking to invest and create jobs. By working together like this we can make sure British businesses up and down the country have the support they need to export their goods and services around the world, and that the UK remains a great trading nation.”

The Group is also providing ‘on the ground’ support for businesses in hubs across the UK, where ‘export experts’ from the bank are working hand in hand with specialists from UKTI and a range of other organisations in order to coach businesses in how to capitalise on overseas trade opportunities.

The Group will continue to work in partnership with the British Business Bank and UK Export Finance (UKEF), the UK’s export credit agency, to ensure that finance and insurance products are available to meet the needs of SME exporters, whether from the private sector or with government support.