Lloyds TSB welcomes Mandelson's business initiative

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Lloyds TSB welcomes Mandelson's business initiative

Lloyds TSB has welcomed the government initiative for businesses launched by Peter Mandelson yesterday.

The initiative will see the government setting aside £20 billion to guarantee 50 per cent of loans made to small and medium-sized enterprises by participating banks.

Lloyds TSB said that the move would help it meet its commitments for lending to businesses during the year ahead.

In a statement, the bank said: "In the current climate it is crucial businesses remain confident about the availability of finance and these measures will play an important role."

Lord Mandelson said yesterday that the scheme offered "real help" to businesses struggling during the downturn.

The business secretary's plan will also include the creation of a £75 million Capital for Enterprise Fund, aimed at helping businesses in need of equity.

HSBC, which will contribute to the Capital for Enterprise Fund, has also issued a statement welcoming the government's initiative.

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