Lloyds Bank recognises the fundamental role that the manufacturing sector plays in rebalancing the UK economy and we are committed to provide access to finance and competitive rates of funding. We offer a broad range of finance beyond just term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. We have committed to lend at least £1bn to UK manufacturers each year until 2017. In the year to September 2013 we lent manufacturers £1.3bn exceeding our lending commitment in just nine months. Discounted funding through the Lloyds Bank Funding for Lending Scheme is available. We have agreed 80% of all business loan and overdraft applications in the past year.
We have invested in developing more than one hundred managers who have completed a manufacturing awareness training programme delivered by WMG with the support of the MTA and EEF. Our relationship managers are some of the most knowledgeable in the industry having been accredited in Manufacturing Awareness by WMG. Lloyds Bank continues its commitment to support the UK manufacturing sector by launching a £5 million Lloyds Manufacturing Academy at the Manufacturing Technology Centre, Coventry to address the sector’s skills gap in the UK. The Academy will train 100 engineering apprentices every year over five years and the Academy will open in 2015.