HSBC launches £15bn lending fund to help SMEs recover from pandemic

A UK bank has announced that it is launching a £15bn lending fund for SMEs across the UK to support recovery from the pandemic.

HSBC said today that this is its “biggest ever” fund for SMEs will include £2bn for firms trading overseas, £1.2bn for the agricultural sector and £500m each for technology firms and franchise businesses.

Two thirds of the funding will be allocated to specific regions, including £400m for Yorkshire, £350m for the North East and £2bn for London.

Peter McIntyre, head of small business banking at HSBC UK, commented: “We’ve helped British business get through the last year with over £14bn of Covid-19 lending support.

“Now it’s time to turn our minds to what comes next and how we help companies grow again, opening up a world of opportunity and contributing towards a sustainable future society.

“The £15bn fund will help businesses to expand internationally and here in the UK, support key sectors and drive investment across regions.”

Philip King, interim small business commissioner, said: “SMEs are the backbone of the economy and ensuring they have the ability to invest and grow is of paramount importance.

“The past 12 months have highlighted the issues many small businesses can face, such as late payments causing real hardship to small businesses.

“Initiatives such as the lending fund will help more businesses to access finance and will help aid business recovery post Covid-19.”