HSBC has today launched a £10 billion lending fund to support small and medium-sized enterprises in the UK.
The £10bn fund has been structured to ensure it is UK-wide so that SMEs in England, Wales, Scotland and Northern Ireland are able to access the funds they need. Benefits of the fund incluede a free banking offer of up to 18 months (for start-ups) or 12 months for switches, as well as online tools to help customers get lending decisions, and support packages for businesses.
HSBC continues to be open to lending, having approved 91% of small business lending applications in the last year.
Ian Stuart, UK CEO, HSBC said:
“The launch of this £10bn fund reaffirms our commitment to support the growth of UK SMEs of all sizes, from start-ups to established businesses.
“The UK is home to a diverse range of SMEs across established and emerging sectors, operating in their regional markets or looking to trade internationally. We want to put SMEs in a stronger position to make investments that will stimulate local economies and create more jobs.”
A key focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export. A 2016 FSB Report noted that one in five (21%) of small businesses currently export, but there is potential to double this figure with the right support*.
Amanda Murphy, Head of Commercial Banking at HSBC UK said:
“SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”