The group said this promise highlights its commitment to be by the side of British business whatever the future brings.

The funding is available to firms across Scotland and will support entrepreneurs looking to start a new business, micro-businesses seeking to scale-up and small businesses considering trading internationally for the first time.

It will also support established mid-sized businesses and large, multinational corporations seeking further growth.

This new lending commitment for 2020 follows on from the group’s pledge in 2019, also for £18bn lent nationally and £1.6bn available to the country’s firms. Despite the continuing challenging economic environment, the group is not lessening its backing for British businesses and is on hand to support their growth aspirations.

Part of that money saw Bank of Scotland support Lerwick Port Authority to develop a new white fish market at Lerwick Harbour by providing a £3 million funding package last year. The new fish market will allow Shetland’s principal seaport to expand the capacity for landings and meet increasing demand from the island’s commercial fishing industry.

The new market, featuring the latest green technology and sustainable building materials, came from the group’s Clean Growth Finance Initiative, which offers discounted funding to help businesses to lower their carbon emissions.

Philip Grant, Lloyds Banking Group ambassador for Scotland, said: “We anticipate lending up to £1.6bn to Scottish businesses, enabling them to reach their full growth potential throughout the next 12 months. Whether this means exporting, upscaling, hiring new staff, or investing in sustainable technologies, the support will help firms capitalise on opportunities across the country.

“As part of our plan to help Scotland prosper, we’ll continue to be by the side of business as we navigate new political and economic environments, and support firms to succeed in 2020.”