HSBC unveils £2.2bn funding scheme to support local SMEs

Today (September 19), HSBC UK has launched a £2.2bn lending fund to support SMEs in London, as part of its broader commitment to helping British businesses realise their ambitions for growth.

The London fund is part of a wider £12bn SME Fund for businesses across the UK.

Now entering its fifth year, HSBC UK’s dedicated SME Fund is the largest to date - increasing £2bn on last year after the 2017 fund was fully utilised by British businesses seeking to expand.

The SME Fund 2018 is double the first SME Fund of £6bn - launched by HSBC in 2014 - and brings total funds committed to SMEs over the five years to £46bn.

In London, the fund has increased by £100m since 2017.

Arjan Van Den Berkmortel, HSBC UK’s regional director for London, said: “This latest fund highlights HSBC UK’s unwavering commitment to supporting the growth of SMEs right across the capital.

“London is a melting pot of business expertise ranging from established brands to ambitious start-ups and entrepreneurs, making it an ideal location for businesses to thrive.

“Each year, the fund helps and encourages businesses to grow locally, nationally and internationally, in turn helping them achieve their ambitious goals and create jobs for the London economy.

“This year is no exception… we’ve committed an additional £100m to the region, so we hope to see many more local businesses taking advantage of the fund over the next year.”

The new SME Fund includes a ring-fenced £1bn to help UK companies grow their business overseas. HSBC research revealed that over two thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year.

Amanda Murphy, head of commercial banking at HSBC UK, concluded: “Many SMEs in the UK are ambitious, entrepreneurial and ready to expand.

“After the success of last year, this increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth. We are committed to help British businesses innovate, evolve and grow.”