Lloyds loan helps Digby expansion

Just to show that banks do use the Government’s Funding for Lending Scheme to help companies, as well as for house mortgages, Lloyds Commercial has lent stone supplier Digby Trading, in Halesowen, West Midlands, £275,000 to open a second depot and create two jobs.

Co-owners Claire and Darren Digby established their company importing hard landscaping stone from China and India in 2008. To create space to store its stone products and accommodate expansion plans, the business, which already has operations at Felixstowe Dock and Stourbridge, decided it needed an extra yard.

The company approached Lloyds Bank and secured the loan to fund the purchase of the 3.8acre site in Halesowen.

Under the Funding for Lending Scheme, Lloyds Commercial says it is offering discounts of 1% to small and medium-sized enterprises (SMEs) and that since it launched its Funding for Lending Scheme in September 2012 it has committed £6.3billion to such businesses.