Lloyds Banking Group has promised billions to assist the UK in its post-Covid recovery.
The pandemic has taken a toll on businesses’ finances, but Lloyds Banking Group is determined to help them rebuild and grow after a year of uncertainty. Lloyds Banking Group is committed to assisting Britain’s recovery and helping the economy rebound, having helped 48,000 firms start up in the first half of this year alone, and lending nearly £10 billion to help people get on the property ladder.
Finances have been on many people’s minds during the pandemic, and the extraordinary scenario we’ve found ourselves in has resulted in unique money issues for businesses and individuals alike. Now that society has opened up again, and business confidence has been on the rise for several months, company may grow with the correct assistance and insights.
It’s not only a question of profit and loss when it comes to recovery. It’s all about putting people back into occupations they enjoy and the cash registers to start ringing again. Since the beginning of the epidemic, Lloyds Banking Group has offered about £13 billion in support to over 353,000 businesses through the UK Government’s Covid support schemes, as well as over 34,000 capital repayment holidays.
The Group has 1,100 business professionals in communities across the UK who support businesses with tailored recovery programs to help them recover, adapt, and grow. It is also providing digital support through regional academies, collaborations, and mentorship, as a skills deficit is one of the major impediments to small business growth. So far this year, it has helped 75,000 small firms improve their digital capabilities.
With record lending to first-time buyers and support for the social housing sector, Lloyds Banking Group is also promoting better housing.
It is committed to ensuring that more quality houses are available, as well as assisting people in purchasing a home; it has already exceeded its objective of £1.5 billion in fresh financing for the social housing industry in 2021.
Although first-time buyers have had a difficult year, Lloyds Banking Group has provided over £9 billion to help them get on the housing ladder this year, virtually reaching its £10 billion lending target.
While the road ahead is still unknown, Lloyds Banking Group is committed to assisting individuals and businesses in their recovery efforts.
£2 billion in revenue Funding for social housing has been increased.
34,000 days off from capital payments
Mortgage lending to first-time buyers is worth £9 billion.
75,000 businesses will receive assistance to increase their digital capital.
Branches account for 96% of the total. “Brinkwire News in Condensed Form.”