Tyneside and Teesside SMEs receive £285 million from HSBC
SMEs in Tyneside and Teesside have received £285 million in funding from HSBC over the past ten months. The bank first launched its regional SME fund in May 2015 and initially provided £150 million in funding.
The company has now announced that it has increased the size of its fund to meet the demands of local businesses that are hoping to grow.
Amongst the companies that the scheme has helped is Camerons Brewery, which is planning to expand by acquiring 40 new pubs through HSBC’s finance package. This will enable the company to bring their total number of pubs up to 110 and will also help to create new jobs.
HSBC Area Director for North East Business Banking David Slane said that the fund was launched “as a way to reinforce our commitment to supporting SMEs across all areas of the UK”, and that the demand for finance from Tyne Tees SMEs remained “consistently high”, which resulted in the bank “significantly increasing” the fund across the region.
“This is significant as regional economies rely heavily on a healthy and growing business sector, supported by investments being made by local SMEs,” he said.
He added that the bank is “committed” to helping SMEs and to lending even more throughout 2016.
HSBC Area Director for North East Corporate Banking Tony Leech spoke of how the fund has supported the expansion of Camerons Brewery, stating that it has been one of the company’s “most exciting banking relationships in the North East.”
“Camerons reported a 14% increase in profit last year and firmly have their sights set on further growth,” he said.
“It is great to see a North East SME thriving and with ambitions to do even better.”