The lending fund is expected to help UK companies grab new opportunities for growth at home and overseas, says HSBC UK
HSBC UK has launched a lending fund of £14bn to support small and medium-sized enterprises (SMEs) across the UK to help them in their growth and handle Brexit.
The banking company, which rolled out its initial SME Fund in 2014, is said to have committed over £60bn to SMEs in the UK, thereby enabling them to innovate, evolve and grow.
HSBC UK’s 2019 Fund is the largest to date from the company. It comes with increased ring-fenced pots for global businesses and also for the agriculture sector.
The bank said that the allocation for international business has been increased two times to £2bn this year to help companies expand overseas, while the agriculture pot has been increased from last year’s figure of £300m to £1bn.
HSBC UK expects regional allocations in England, Wales, Scotland and Northern Ireland to ensure that firms across the country can make use of the fund.
HSBC UK commercial banking head Amanda Murphy said: “This £14 billion Fund will help UK companies seize new opportunities for growth at home and overseas.
“We’ve always supported ambitious UK businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.
“This year’s record Fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world.”
Nearly 72% of businesses have taken steps to prepare for Brexit, says HSBC UK
The bank said that the launch of the 2019 fund coincides with the publishing of its new research which shows that around 72% of businesses have taken measures to prepare for Brexit. Furthermore, nearly a fifth, of them, at 19%, of internationally trading businesses have explored opportunities to trade outside the European Union after Brexit.
Recently, the bank said that it is launching a range of cash switching offers across its current accounts to push more people towards switching.
HSBC UK said that new customers have been given the option of three cash incentives – HSBC Premier Bank Account, HSBC Advance Bank Account, and HSBC Bank Account, when switching their current account to it using the Current Account Switch Service (CASS).