Lloyds TSB Commercial customers, with base rate linked loans and overdrafts - which account for the majority of its lending - benefited from the rate cut immediately, from midday on 6 November.
For other Commercial customers on variable rates, the cut will come into effect no later than Tuesday 11 November.
John Maltby, managing director, Lloyds TSB Commercial, said: "We want to do everything possible to support our small business customers, through these challenging times. Our prudent approach to lending in the good times means we're in a strong position to continue lending through this more difficult economic climate. But we want to make sure that, as responsible lenders, we also provide our customers with the most competitive rates possible.
"The vast majority of our lending is linked to base rate which means our customers always benefit immediately from any rate reductions. But, given the scale of this historic cut, we're determined to ensure all our business customers benefit from falling rates."
