HSBC UK launches £15bn lending fund to help SMEs “innovate, thrive and grow”
HSBC UK has launched its 2022 £15bn lending Fund for small and medium sized businesses today, supporting local economies, employment opportunities and driving growth across the country.
The Fund is a key part of HSBC’s commitment to help British businesses to “innovate, thrive and grow” in the UK and internationally. SMEs are vital to the UK economy and account for three-fifths of the employment and around half of turnover in the UK private sector according to the FSB.
The Fund includes specific regional and locally focussed allocations so that companies throughout the country can benefit. This year’s Fund also includes allocated funding for businesses trading internationally (£2bn), in the agriculture sector (£1.2bn) the tech sector (£500m) and franchise businesses (£500m).
It is complimented by the Green SME Fund (£500m) for businesses of all sizes to transition and “thrive” in a low carbon economy and the new Growth Lending (£250m) for high growth tech businesses to support well-equitised, high growth, loss-making scale ups early in their growth journey.
Since launching its annual SME Fund in 2014, HSBC UK has lent more than £90bn helping businesses to make the most of their money, now and into the future and opening up a world of opportunity for our customers.
Peter McIntyre, head of business banking at HSBC UK, said: “SMEs are vital to the UK economy, and our customers have told us they are ready to invest for growth. The £15 billion Fund will help businesses to expand internationally, as well as here in the UK, supporting key sectors and driving investment across the regions.
“We want to make a significant contribution to economies across the country, driving employment, local wealth and growth by providing funding, when and where it’s needed most. We know our customers are innovating and adapting at pace and British businesses need their bank to be flexible, supporting future growth opportunities.”
Small business minister Paul Scully added: “This new Fund puts HSBC on course to have lent more than £100bn to UK small businesses within a decade, which is a great milestone for HSBC and even better for the communities across the country being helped to thrive.
“This extra funding builds on the support available through government schemes like Help to Grow and Start Up Loans to help small businesses grow and reach their full potential.”
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