Lloyds TSB, HBOS and Bank of Scotland: Aid for Small Businesses

Lloyds TSB (LON:LLOY) and HBOS (LON:HBOS) have unveiled packages to help small businesses. Both banks are in the process of merging to create a super bank.

Bank of Scotland is in talks with the European Investment Bank to allow discounted lending rates for small businesses with £250 million funding.

Lloyds TSB is set to help businesses with less than £1 million turnover a year with a six point charter to include insurance to customers that future rate cuts will be passed on.

The proposed merger between Lloyd TSB and HBOS (Halifax and Bank of Scotland) will need £17 billion of the government bailout funds.

Lloyds TSB have also vowed not to change overdraft terms during the terms of the company’s agreement which is generally a 12 month contract, and they have also promised that they will not change the terms on renewals unless the companies risks have changed.

Source: BBC

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