HSBC UK has announced a £14 billion lending fund to support the UK’s small and medium-sized enterprises (SMEs). The bank’s dedicated SME Fund has increased by £2 billion, following a £12 billion package of support in 2018.
The increase in funding this year reflects HSBC’s commitment to supporting businesses through economic uncertainty. Since launching the SME Loan Fund in 2014, HSBC has committed more than £60 billion to UK SMEs to help businesses innovate, evolve and grow.
Ensuring the Fund remains UK-wide in its support of ambitious companies, it will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland.
For those companies exploring opportunities overseas, a ring-fenced pot for international businesses, which forms part of the overall offer, has been doubled to £2 billion this year.
The initiative is available to UK businesses with a turnover of up to £350 million. Applicants do not need to be an HSBC customer to apply.
Amanda Murphy, Head of Commercial Banking at HSBC UK, said:
"Our SME Fund will help companies seize new opportunities for growth at home and overseas.
"We’ve always supported ambitious businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.
"This year’s Fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world."
Applications can be made at any time, more details here.