Tyne Tees businesses to benefit from £350m Brexit support fund

SMEs across Tyne Tees are to benefit from a £350m spending pot to help navigate Brexit challenges and realise their growth potential.

The funding from HSBC, which is also being distributed in Cumbria, is part of a wider £14bn investment into SMEs from the bank, which last year provided a seven-figure funding package to Ward Recycling in Hartlepool.

The funding enabled the business to open a new paper recycling plant which uses wastepaper products to make high quality recycled paper, created 30 new full-time jobs and an additional 20 part-time jobs for the area.

More than £60bn has been committed to UK SMEs since launching the SME Fund in 2014, as part of HSBC’s aim to help British businesses innovate, evolve and grow.

Scott Solberg, HSBC UK’s regional corporate banking director for the North, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across Tyne Tees and Cumbria.

“This fund is all about helping businesses like to take new opportunities and grow and we want to reassure them that we’re here to support them achieve their goals.”

After receiving more than 15,000 enquiries from customers about Brexit so far this year, HSBC UK has launched a dedicated Brexit-related helpline for those with financial concerns. It has also set up an online resource hub providing support and advice on the steps businesses should take to plan for the future.