Clydesdale and Yorkshire Banks pledge to increase business loans

Mon, 14 Feb 2011

An overhaul of the business services on offer from Clydesdale and Yorkshire Banks will see an increase in loans to smaller firms, the banks have promised.

The move will help support a pledge already made by the banks to provide £10 billion of new business lending by the end of 2011.

However, it will also see lending to small businesses "increase significantly" by 2015, said the banks.

The overhaul will also entail an expansion of the services and products on offer to businesses, typically those with turnovers of less than £1million or borrowing of less than £250,000.

This will include an offer of 24 months of free banking for start-up small businesses, as well as a switching service plus 18 months free day-to-day business banking for small businesses that are unhappy with their current bank.

Gary Lumby, director for small business at Clydesdale and Yorkshire Banks, said: "Small businesses are the lifeblood of our communities and economy. We've been listening to them and have developed our business to help them develop theirs."

Yorkshire Bank became a part of Clydesdale in 2001 but continues to trade under its own name.
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