Lloyds commits £45bn to UK SMEs under Accelerate 2030

Lloyds Banking Group has unveiled an ambitious long-term strategy centred on expanding support for UK businesses, committing to provide more than £45 billion of new finance to small and medium-sized enterprises between 2027 and 2030 while doubling the size of its SME relationship management team.

The commitment forms a key pillar of the banking group’s new Accelerate 2030 strategy, which aims to make finance “simpler, smarter and more connected” through greater use of artificial intelligence, digital technology and integrated customer services. The strategy will succeed Lloyds’ 2022-2026 transformation programme and is designed to accelerate growth across retail banking, commercial banking, wealth and pensions.

For the asset and business finance sectors, the scale of the SME commitment is one of the strategy’s most significant announcements. Lloyds said it intends to combine expanded relationship banking with enhanced digital capabilities to provide businesses with more personalised support while improving access to finance across every UK region.

Charlie Nunn, Group Chief Executive of Lloyds Banking Group, said: “We committed to transform our organisation; resolutely ‘Helping Britain Prosper’.

“Returning our Group to purposeful, profitable growth. We delivered.

“And now, we want to go further. Grow market share, ignite innovation, reshape the future of finance.

“With our scale, data and expertise, we will accelerate our ambition for customers. Making finance simpler, smarter and more connected – for every moment that matters.”

He added that the bank would “boost British business and major economic investment, with over £45 billion for SMEs across every region and £100 billion of sustainable and transition financing” to support energy and critical infrastructure.

Lloyds currently supports around one million businesses and has already made approximately £30 billion of new finance available to small business customers since 2023. During 2026 alone, the bank is providing more than £35 billion of new finance to companies operating and investing in the UK, including £9.5 billion dedicated to SMEs.

Alongside expanding its relationship teams, Lloyds plans to invest heavily in digital banking. A planned Smart Wallet platform will combine enhanced payment capabilities, merchant point-of-sale finance, loyalty rewards and secure document storage, while the commercial bank will become increasingly connected to third-party platforms and digital distribution channels. AI will also be used to simplify lending processes, personalise customer services and improve operational efficiency. The wider Accelerate 2030 programme includes a £13 billion investment in technology and business transformation alongside plans to deliver £2 billion of cost savings by 2030.

Accelerate 2030 also sets broader ambitions for Lloyds to become a leader in AI and digital assets, expand wealth management, increase international corporate banking activities and help a further one million people invest for their financial futures by the end of the decade.