HSBC UK has announced a £12 billion lending fund to support the UK’s small and medium-sized enterprises (SMEs). The bank’s dedicated SME Fund has increased by £2 billion, following a £10 billion package of support in 2017.
The SME Fund for 2018 is double the first SME Fund of £6 billion – launched by HSBC in 2014 – and brings total funds committed to SMEs looking to expand to £46 billion.
The Fund includes a ring-fenced minimum pot of £300 million to support the UK’s agriculture businesses. It also includes a ring-fenced £1 billion to help UK companies grow their business overseas, as well as a broader package of support.
Ensuring the Fund remains UK-wide in its support of ambitious companies, it will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland.
The initiative is available to UK businesses with a turnover of up to £350 million. Applicants do not need to be an HSBC customer to apply.
Further details can be found on the HSBC website.