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Commercial lenders attack Lloyds job cuts

Business Lending has slammed Lloyds Banking Group for cutting staff from its business lending division.

Business Lending sales and marketing director Kevin Cooke says that by cutting staff from the small and medium-sized enterprise it has proved that banks are still not expanding their lending to businesses as they have pledged.

He says: “The recent announcement by Lloyds to make 625 staff redundant from their SME lending division really sums it up. We are seeing many excellent quality cases presented to us at Business Lending that have been turned down by high street banks for it seems no real reason.”

Business Lending says its brokers are still seeing a huge gap between the hype of increased lending and the reality.

Cooke says: “Lending from banks has not improved markedly and there is no sign that this situation is going to change any time soon. We know from the deals that cross our desks; we can see first hand evidence of banks’ reluctance to fund good quality deals. Unfortunately, we are only able to take on a small number.”

“After all the money that has been poured into banks by the government, with the proviso that they begin to lend again, this latest redundancy news in the very department which is crucial to new lending is a slap in the face to SMEs.

“There’s a crying need to help good businesses and we know from the cases we see that there is a tremendous opportunity to not only offer assistance to hard pressed SMEs but also to generate rock solid new business lending which will stand any stress test and generate good returns.”

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