HSBC launches £10 billion fund for small businesses
HSBC is providing financial support to small organisations. This is following their recent announcement of a new £10 billion fund.
The money will be allocated across 43 branches in the UK and made available to all – including non- HSBC customers.
This is HSBC’s largest support package to businesses in the UK.
HSBC states that it continues lending to SMEs and has approved over 90 per cent of applications for up to £30,000 over the last year.
In addition to the £10 billion fund, the bank will provide financial support to start-up businesses by offering 18 months of fee-free business banking, and 12 months fee-free banking for existing SMEs who switch to HSBC.
The bank will also provide business tools for small organisations through its knowledge centre to help them achieve their growth ambitions. The centre offers numerous resources including: insights from experts, checklists, and inspirational profiles.
HSBC also aims to use the fund to help more growing businesses to export. A report by the Federation of Small Businesses (FSB) stated that the number of small businesses currently exporting (21 per cent) could be doubled with support.
Ian Stuart, Head of UK Commercial Banking, HSBC, commented: “SMEs are the lifeblood of the UK economy and at HSBC we are committed to providing the finance and support they need to realise their business goals.
“We want to put SMEs in a stronger position to make investments that will stimulate local economies and create more jobs.
“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.”