New lending of up to £1.1bn for Welsh businesses has been announced by Lloyds Banking Group.

It forms part of the group’s national pledge to lend up to £18bn to UK businesses in 2020.

The funding is available to firms across Wales 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 £1.1bn 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.

Carys Williams, Lloyds Banking Group ambassador for Wales, said: “We anticipate lending up to £1.1bn to firms across Wales in 2020, to help them expand, create jobs and thrive.

“Regeneration projects underway across the country are creating new opportunities for businesses. Meanwhile, many companies will be investing in boosting their productivity this year, providing them with a strong footing for growth.

“In what promises to be another eventful year, we’ll be by the side of businesses as they take advantage of the prospects ahead.”

During 2019, as well as supporting British businesses’ growth aspirations, the group assisted its customers in becoming more sustainable.

The group is on course to meet its ambitions to support existing and new customers with energy efficiency improvements for a further one million square feet of commercial real estate as well as delivering renewable energy projects capable of powering 3.5 million homes by 2020.

António Horta Osório, chief executive of Lloyds Banking Group said: “In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18bn to businesses across the UK. We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face. Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper.”