Banking giants Lloyds have committed to continue lending money to businesses in the South West to the tune of £1.5billion throughout 2020.

The regional bounty is part of the banking group's national pledge to lend up to £18billion gross to UK businesses over the next 12 months.

The funding is available to firms across the region and will support entrepreneurs looking to start a new business or micro and small businesses looking to scale-up their operations.

Lending will also be available to businesses considering trading internationally for the first time and established businesses and large, multinational corporations seeking further growth.

This new lending commitment for 2020 follows on from the Group's pledge in 2019, also for £18 billion lent nationally and £1.5 billion available to the region's firms.

Despite the continuing challenging economic environment, the Group is not lessening its backing for British businesses and is on hand to support their growth aspirations.

Jeremy Hayward, Lloyds Banking Group Ambassador for the South West, said: "This decade is set to be an exciting time for the South West, with a bourgeoning digital and technology sector, and our very own spaceport in the pipeline.

"It's clear that there'll be plenty of opportunities for the region's firms to take advantage of in the year ahead. We anticipate lending up to £1.5 billion to South West businesses this year to support their ambitions."

During 2019, as well as supporting British businesses' growth aspirations, the Group assisted its customers in becoming more sustainable.

The Group is on course to meet its ambitions to support existing and new customers with energy efficiency improvements for a further one million square feet of commercial real estate.

The bank is also delivering renewable energy projects capable of powering 3.5 million homes by 2020.

António Horta Osório, Chief Executive of Lloyds Banking Group said: "In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18bn to businesses across the UK.

"We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face.

"Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper."