HSBC UK commits £1bn fund to lend to South West SMEs

Thursday 26th September 2019

The above headline just about says it all, but for more information on this welcome news please read the news bulletin below which was issued by Insider Media today.

Roger Mundy, Managing Director, Beardsley Theobalds, 26th September 2019

 

 

 

Bank sets aside £1bn for South West SMEs

HSBC UK has committed funds of £1bn to lend to SMEs in the South West.

The Wales SME Fund is part of a wider £14bn fund for SMEs across the UK, which also includes increased ring-fenced pots for international businesses and for the agriculture sector.

The pot for international business has been doubled to £2bn while the agriculture pot has increased to £1bn from £300m last year.

Recent recipients of support in the South West Bristol recycling company Ecosurety which received £2m finance facility to accommodate its growing membership base.

Daniel Felton, HSBC UK’s regional director for corporate banking in the South West, said: "The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across the South West.

"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."

Amanda Murphy, head of commercial banking at HSBC UK, added: "Our SME Fund will help companies seize new opportunities for growth at home and overseas.

"We’ve always supported ambitious businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging."This year’s 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."