Published On: Thu, Sep 20th, 2018

HSBC launches £12 billion loan fund for SMEs


It includes £1 billion for UK businesses wanting to expand overseas and a £300 million pot for agricultural firms.

Now entering its fifth year, the fund is £2 billion bigger than 2017’s all of which was used by British firms intent on expansion.

Amanda Murphy, head of commercial banking at HSBC UK, said: “Many SMEs in the UK are ambitious, entrepreneurial and ready to expand. After the success of last year, this increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth. We are committed to help British businesses innovate, evolve and grow.” 

Recent HSBC research revealed that over two-thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year. 

Amanda Murphy added: “British companies are optimistic about their trade growth prospects but it’s important they can get the finance they need to achieve it. With this in mind, we have set aside £1 billion of the Fund to support international businesses in the UK. We cover more than 90 per cent of global trade and capital flows and are uniquely placed to help these businesses trade overseas.” 

Small business minister Kelly Tolhurst commented: “With more than 1,000 starting up every day, the UK’s 5.7 million small businesses are the backbone of our economy.

“Through our modern industrial strategy and industry-led initiatives such as this, the Government and industry are building an environment in which businesses all over the country can thrive.”

The fund will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland. It also includes apersonal guarantee fee from £10 for any lending above £10,000 and a £100 arrangement fee of loans up to £25,000.

https://www.business.hsbc.uk/en-gb/gb/campaign/fund-for-smes



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