Sampson Lloyd II, was the eldest son of Sampson Lloyd (1664-1724), an ironmaster from Birmingham. Sampson joined his father's business in Edgbaston Street that specialized in converting iron into rod and bar suitable for nail makers. On the death of his father in 1724, Lloyd II took over the running of the business.

In June 1765, Sampson Lloyd II joined with John Taylor, a button-maker, and their two sons, to raise a total of £6,000 to form a bank in Birmingham. The main aim of the Taylor & Lloyds bank was to provide credit to small manufacturers in the area. The bank was a great success and in the first six years of trading produced a profit of more than £10,000. As well as lending money, Taylor & Lloyds was involved in investing in new ventures such as the Birmingham Canal Navigation Company.