HSBC UK launches £12 billion lending fund for SMEs

HSBC UK is launching a £12 billion lending fund for small medium-sized enterprises (SMEs) across the UK.

This year there is a money pot of £12 billion that has been made available to SMEs across the UK, which is double the initial £6 billion fund when the scheme was first launched in 2014.

The lending fund was launched by HSBC to help SMEs grow and over the past five years have dedicated a total of £46 billion in funds.

In this year’s funding, £1 billion has been allocated to help UK companies grow their businesses overseas.

Amanda Murphy, Head of Commercial Banking at HSBC UK, says that many SMEs in the UK are ambitious, entrepreneurial and ready to expand, “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.”

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

Small Business Minister, Kelly Tolhurst, says that 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.”