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HSBC backing for Tyne Tees SMEs reaches £285m in past 10 months

A recently established HSBC SME Fund has supported Tyne Tees-based small and medium enterprises with £285m worth of funding over the past ten months.

Launched in May 2015, the SME Fund was originally intended to offer £150m in support although the heightened investment reflects a regional ambition to drive up business, according to the bank.

Among Tyne Tees firms to benefit from the fund was Camerons Brewery, whichplans to grow its Head of Steam managed estate by acquiring 40 new pubs with a multi-million pound funding package from HSBC.

Once the acquisitions are complete, Camerons Brewery will have a total of 110 pubs in its managed and owned estates across the North of England – part of the brewer’s expansion plans over the next five years.

David Slane, HSBC’s Area Director for North East Business Banking, explained: “HSBC launched the fund as a way to reinforce our commitment to supporting SMEs across all areas of the UK.

“In particular, the demand for finance from Tyne Tees SMEs remained consistently high, resulting in HSBC significantly increasing the fund across the region.

“This is significant as regional economies rely heavily on a healthy and growing business sector, supported by investments being made by local SMEs. At HSBC, we are committed to supporting SMEs on this journey and to lending even more throughout 2016.”

Tony Leech, HSBC’s Area Director for North East Corporate Banking, added: “Supporting the expansion of Camerons Brewery has been one of our most exciting banking relationships in the North East. Camerons reported a 14 per cent increase in profit last year and firmly have their sights set on further growth.

“It is great to see a North East SME thriving and with ambitions to do even better. We’re looking forward to supporting the growth of their estates in the future.”

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