£1bn fund launched by HSBC to help South West SME businesses to grow
HSBC UK has created a £1bn fund to help SMEs throughout the South West take advantage of new opportunities to grow their businesses. This provides small and medium size businesses in the westcountry with yet another funding facility to assist them with their regeneration and growth objectives following the successful rollout of anti Covid-19 vaccination programmes. For further details regarding this new fund please read the article below which was issued by Insider Media Ltd today.
Roger Mundy, Managing Director, Beardsley Theobalds, 11th March 2021
HSBC launches £1bn fund for South West SMEs
HSBC UK has launched a £1bn fund for SMEs across the South West, as part of a broader £15bn commitment to British businesses.
This year's fund also includes increased ring-fenced pots for businesses trading internationally (£2bn), the agriculture sector (increased to £1.2bn) and new ring-fenced pots for businesses in the tech sector (£500m) and franchise businesses (£500m).
Despite the challenging economic environment, 62 per cent of UK businesses intend to increase investment in their business in the next year, according to research from HSBC, with the focus on four fundamental areas of their business in 2021 – employee well-being, customer experience, cash flow/capital management and security.
Jagdeep Kaur Rai, HSBC UK’s Regional Business Banking Director for the South West, said: "We are committed to supporting businesses across the South West and we know they are adapting at pace and looking at what comes next. We recently supported Cornish diving equipment company, Fourth Element, which has been able to future proof the business with the backing of the SME Fund."
"This fund is all about helping businesses to take new opportunities and grow and we want to reassure them that we’re here to support them achieve their goals."
Peter McIntyre, head of small business banking at HSBC UK, added: "With the vaccine rollout, there is light at the end of the tunnel and businesses across the South West are starting to look ahead again. We’ve helped British business get through the last year with over £14bn of Covid-19 lending support. Now its time to turn our minds to what comes next and how we help companies grow again, opening up a world of opportunity and contributing towards a sustainable future society."
Philip King, interim small business commissioner, said: "SMEs are the backbone of the economy and ensuring they have the ability to invest and grow is of paramount importance. The past 12 months have highlighted the issues many small businesses can face, such as late payments causing real hardship to small businesses. Initiatives such as the lending fund will help more businesses to access finance and will help aid business recovery post Covid-19."