Member Article

HSBC looks to SMEs with £10 billion lending fund launch

HSBC has today launched a £10 billion lending fund to support small and medium-sized enterprises (SMEs) in the UK, as part of a broader commitment to make banking cheaper and simpler for customers.

The bank says that the fund, the largest package of support to be announced by HSBC for UK SMEs, has been structured to ensure it is truly UK-wide, offering support to ambitious SMEs in England, Wales, Scotland and Northern Ireland.

HSBC’s Head of UK Commercial Banking, Ian Stuart, said: “SMEs are the lifeblood of the UK economy and at HSBC we are committed to providing the finance and support they need to realise their business goals.

“The launch of the £10bn fund signals our aspiration to lend more to UK SMEs of all sizes, whether they are a start-up or established business, focused either on the domestic market or looking to trade internationally.

“Right across the UK there is a wide range of innovative new and established SMEs, proving that location is no barrier to a great business idea. This fund underpins our support by putting SMEs in a stronger position to be making investments that will stimulate local economies and create more jobs.”

The £10bn has been increased to meet strong demand from UK SMEs and follows the success of the £8bn fund HSBC launched in 2015.

Small Business Minister, Anna Soubry has encouraged small businesses to capitalise on the services being offered by lenders to support their growth.

“We have a record number of small businesses driving our growing economy and while the picture is improving, access to finance remains an issue for many of them.

“It’s absolutely right that banks such as HSBC continue to develop their support for smaller businesses. I also want to see more of these businesses taking advantage of what’s on offer, both from banks and alternative lenders, to help them grow, invest and create jobs for people.”