(Credit: George Iordanov-Nalbantov)

This forms part of Lloyds Banking Group’s plan to make over £35bn of new finance available to companies operating and investing across the UK in 2026.

New research from Bank of Scotland’s Business Barometer reveals Scottish businesses identified their top target areas for growth as introducing new technology such as AI, automation or digitalisation (51%), investing in their team such as training (35%) and entering new markets (32%) in the next six months.

Martyn Kendrick, Scotland director at Bank of Scotland Commercial Banking, said: “Bank of Scotland is proud to make £2.5bn of new finance available to local firms in Scotland, helping them grow their businesses, invest in innovation and create new jobs.

“Whether it’s supporting a small company taking its first step into exporting, or a larger firm scaling up to meet growing demand, we’re committed to helping businesses turn their potential into growth.”

This comes as Lloyds and CBI convene business leaders, policymakers and experts from across the financial services sector in Scotland to explore how to drive sustainable growth under the UK’s Industrial Strategy.

Organisations across Scotland are already benefiting from Bank of Scotland’s support.

Albyn Housing Society, one of the largest housing associations in the Highlands, has received a £10 million funding package. The business has begun work on the first 125 homes as part of its mission to build 600 affordable homes over the next five years. The development responds directly to Highland Council’s 2024 Housing Challenge, which calls for 24,000 new homes to be built across the region by the end of the decade.

Andrew Martin, executive director at Albyn Housing Society, said: “Albyn was established over 50 years ago to provide housing for workers at the Invergordon smelter.

“While the challenges have changed, our purpose hasn’t. We’re here to make sure people across the Highlands have access to good, affordable homes in the communities they live in.

“Our five-year plan is ambitious, and it reflects what local people have told us they need. Support from Bank of Scotland means we can start right away – putting plans into action and delivering the kinds of places people want to live.”