Member Article

Tyne Tees SMEs boosted by £300m HSBC lending fund

HSBC has today launched a £300 million lending fund to support small and medium-sized enterprises (SMEs) in Tyne Tees & Cumbria, as part of its strategy to make banking more cost effective.

The fund has been introduced to meet growing SME demand locally and is a £75 million increase from the £225 million fund allocated to the area in 2015.

David Slane, HSBC’s Area Director for North East Business Banking, explained: “We want to be the bank of choice for Tyne Tees & Cumbrian SMEs, reinforced through our desire to lend more to local businesses, by committing the funds to do so, and by making banking easier and cheaper to help our customers grow.

“There is a strong desire from ambitious local SMEs to grow their businesses, and we are responding by ensuring HSBC is providing the funds they need to realise these ambitions.”

Ian Stuart, HSBC’s Head of UK Commercial Banking, said: “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.

“SMEs are the driving force of the UK economy and we are here to support them, whether they are a startup or established business, focused either on the domestic market or looking to trade internationally.

“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.”

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

She added: “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.”