Lloyds Bank launches enhanced broker offering
By Gareth Oakley, managing director of SME banking
Lloyds Bank has launched a new, enhanced service for brokers to make it easier for them to support their clients’ funding needs.
The offering allows new brokers and ones already on the Lloyds Bank and Bank of Scotland panels to benefit from the product set and expertise of all the Bank’s broker support teams in one place.
Asset finance, invoice finance, current accounts and a range of other products can all be accessed by the broker to help them quickly find the right support for their clients.
Brokers will also have the continued support of dedicated business development managers, together with relationship and on-boarding managers, with additional backing from specialist asset finance and invoice finance experts.
Alongside this, Lloyds Bank is also offering a new rewards package for brokers. This includes:
- A 40 per cent share of the service fee for the lifetime of the bank’s relationship with the business to brokers who introduce their clients to Lloyds Bank’s invoice finance services
- Commission payments for overdraft facilities based on the fee charged to the client (for the first year)
- A new asset finance offering for general commercial brokers, which pays up to one per cent of the advance made to the client. Specialist asset finance brokers may also get direct access to the Bank’s specialist asset finance brokerage panel
- 30 per cent of any qualifying fees for trading businesses who switch their full banking to Lloyds Bank for a period of up to five years
- The existing offer of 50 per cent of the arrangement for new term lending facilities.
The offer applies to new brokers who are accepted onto, and those already part of the Lloyds Banking Group broker panels with clients that take up Lloyds Bank’s invoice discounting, invoice factoring or asset-based lending products (businesses with a turnover from £1m up to £25m).
Ben Stephenson, managing director, SME, Global Transaction Banking at Lloyds Bank, said: “We know that brokers are frequently looking at long-term relationships rather than transactional ones and our new proposition enables us to offer a holistic range of products and services, harnessing the full power of Lloyds Bank SME banking.
“It also offers brokers one of the most competitive reward structures currently available on the market and acknowledges the key role they play in supporting SME businesses to access appropriate funding.”
Gareth Oakley, managing director of SME banking at Lloyds Bank, said: “Working in partnership with our brokers is a key part of our strategy to support the growth of the UK’s SMEs. We recognise the vital part that they play in helping clients access the right finance and banking relationship for their business, and we will provide them with a tailored service through our team of dedicated business development managers.
“Our goal is to be the best bank for clients. We’ll invest time collaborating with brokers to understand their customers’ businesses, and commit to building a strong banking relationship focused on helping them achieve their goals.”
Norman Chambers, managing director of the National Association of Commercial Finance Brokers (NACFB), said: “Anything that makes the commercial finance broker’s job more efficient has our full approval. It’s also a big boost to the SMEs that Lloyds Bank is already helping to finance. As a long-term supporter and Patron of the NACFB, Lloyds Bank is clearly on the right track.”
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