Over 6,000 UK businesses have been able to start trading overseas so far this year with help from Lloyds Banking Group, who pledged to help 5,000 first time exporters in 2016.
The Group have surpassed the pledge made in its 2016 Small and Medium-sized enterprise (SME) Charter and its Helping Britain Prosper Plan.
By firmly beating their target, the group have provided a boost to the Governments drive to back new exporters. The Government aim to help 100,000 businesses launch in overseas markets by 2020.
As part of a strategic partnership with the Department for International Trade (DIT), Lloyds Banking Group promised to support 25,000 new exporters overall, a quarter of the total Government target.
Adrian Walker, managing director, head of global transaction banking, Lloyds Banking Group said: “Through our pledge to help 5,000 first time exporters in 2016, we wanted to ensure that we are helping as many businesses as possible to make the all-important first foray into overseas trade.
“By exceeding our target this year we have shown that international trade presents an opportunity for many thousands of UK firms and by continuing to support them, through initiatives like our International Trade Portal, we will help Britain prosper globally.”
The news comes soon after the launch of Lloyds Banking Group’s new International Trade Portal (ITP), through which businesses can access information and practical support to help them learn how and where to market their products and services overseas.
It also follows the recent launch of the Department for International Trade’s (DIT) new digital platform, GREAT.gov.uk, where businesses will be able to register to find export opportunities across the globe.
However, latest data from the Group’s Business in Britain report, shows that businesses were less optimistic about their prospects for boosting international trade following the result of the EU Referendum, although most firms are still looking at overseas opportunities.
Liam Fox, International Trade Secretary, said: “Government is committed to supporting businesses of all sizes to grow and we’re working closely with the private sector and banks including Lloyds Banking Group to help companies connect with the global demand for British goods and services. Lloyds’ achievement is a welcome boost to our drive in helping more UK businesses branch out to overseas markets.
“It is why we developed GREAT.gov.uk, a ground-breaking new digital platform, making it easier for businesses to access millions of pounds’ worth of potential overseas business and take the next step towards building a global brand.”