Lloyds TSB small business loans will benefit from full rate cut

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Lloyds TSB small business loans will benefit from full rate cut

Lloyds TSB has announced that it will pass on the full benefits of further interest rate cuts to its small and medium enterprise (SME) customers amid expectations that the Bank of England will announce another cut in the base rate of interest on Thursday.

The bank said that businesses with variable rate loans and overdrafts would benefit from any cuts, which will form part of its six-point plan to help businesses through the downturn.

John Maltby, managing director, Lloyds TSB Commercial, claimed that the move demonstrated Lloyds TSB's commitment to helping it business customers in the face of financial difficulties.

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."

Lloyds TSB recently bought out the debt-ridden HBOS group, helping to stave off the possible collapse of its associated banking brands, Halifax and the Bank of Scotland.

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