Five major UK banks have agreed a £11 billion lending package aimed at SMEs to support small business growth, the government has announced.
The lending commitment is one of the largest collective moves by the banking sector in over a decade. The government says this represents an 'historic show of confidence in the UK economy'.
Senior executives from NatWest, HSBC UK, Barclays, Lloyds and Santander finalised an agreement with the government on 26 January at a roundtable in Westminster convened by the Business Secretary and the CEO of UK Export Finance Tim Reid.
Combined, the banks serve half of all British businesses across all corners of the country.
Peter Kyle, the UK's Business Secretary, said:
'Strengthening Britain's export potential relies on British businesses having the means, motive, and opportunity to succeed in new overseas markets.
'The £11 billion these banks are making available will help meet the ambitions of smaller British businesses to fully export, expand and exploit these international market opportunities. It is positive proof of UK lenders' confidence in the growth prospects of British enterprise.'
Internet link: GOV.UK