Lloyds TSB announces further help for SMEs
Lloyds TSB has announced that it will help its small and medium enterprise (SME) customers by passing on in full any cuts in the base rate, amid rumours that the Bank of England is preparing to cut the base rate again later this week.
The commercial bank said that the move is part of its six point plan for SMEs and will affect those businesses with variable rate overdrafts and cheap loans.John Maltby, managing director of Lloyds TSB Commercial, said that the bank remained committed to helping its small and medium business customers through the difficult economic period.
He added: "We are honouring the pledge made in our small business charter to pass on, in full, any base rate reductions until the end of 2009, so that businesses that bank with Lloyds TSB have the most competitive rates and best possible ongoing support during these hard times."
Lloyds TSB recently made headlines with its buyout of the beleaguered banking giant HBOS.
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