HSBC launches £700 million fund to support South West SMEs
PUBLISHED: 12:50 23 August 2017 | UPDATED: 12:50 23 August 2017
“The launch of this fund reaffirms our commitment to support the growth of South West SMEs of all sizes, from start-ups to established businesses.”
HSBC has launched a £700 million lending fund to support small and medium-sized enterprises (SMEs) in the South West as part of a broader commitment to helping British businesses realise their ambitions for growth.
The fund includes £500m for SMEs in Bristol, Bath, Gloucestershire and Wiltshire and £200m for SMEs in Devon, Cornwall and Somerset. It is part of a wider £10bn fund for SMEs across the UK which has also been launched today.
HSBC continues to be open to lending, having approved 91% of small business lending applications in the last year.
Nigel B. Davis, HSBC’s Regional Director for the Western & Wales region, said: “The launch of this fund reaffirms our commitment to support the growth of South West SMEs of all sizes, from start-ups to established businesses.
“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”
A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export. A 2016 FSB Report noted that one-in-five (21%) small businesses currently export, but there is potential to double this figure with the right support*.
Amanda Murphy, Head of Commercial Banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exportin
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”
With a geographic network covering more than 90% of global trade and capital flows, HSBC is uniquely placed to help businesses to understand the available markets and overcome the obstacles to growth.
For more information, and latest updates from HSBC, visit the website here.