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Merging banks to help small firms Merging banks to help small firms
(10 minutes later)
Lloyds TSB and HBOS, which are in the process of merging, have both announced packages to help small businesses.Lloyds TSB and HBOS, which are in the process of merging, have both announced packages to help small businesses.
Lloyds has a new six point charter that includes promising to pass on future interest rate cuts to its customers with turnover below £1m a year.Lloyds has a new six point charter that includes promising to pass on future interest rate cuts to its customers with turnover below £1m a year.
Bank of Scotland is trying to get £250m of funding from the European Investment Bank to allow it to lend to small businesses at discounted rates.Bank of Scotland is trying to get £250m of funding from the European Investment Bank to allow it to lend to small businesses at discounted rates.
The proposed merged group would take £17bn of government bail-out funds.The proposed merged group would take £17bn of government bail-out funds.
Lloyds is also promising not to change overdraft terms during the term of a company's agreement, which is usually 12 months, and will not change the terms on renewal unless the company's risk profile has changed.
It will agree to any reasonable request for short term financing and will host business advice seminars around the country.
Both Lloyds and Bank of Scotland have committed themselves to keeping business borrowing rates linked to the Bank of England base rate and not to Libor, which is the rate at which banks lend to each other.
Bank of Scotland says it will not make overdrafts repayable on demand.