News: HSBC launch SME fund
HSBC has launched its most ambitious ever package of support for small and medium-sized companies (SMEs) in the UK, with around a £700m set aside for Yorkshire businesses.
The national £8 billion SME fund will be allocated in 43 local tranches across the country, signalling HSBC's commitment to increase support for British small business. In addition to the fund, arrangement and HSBC security fees on qualifying business loans worth between £1,000 and £300,000 will be waived or refunded through to the end of July.
Advertisement Ian Stuart, head of UK commercial banking at HSBC, said: "We're hugely proud of our unique international network, but too often we've heard smaller, domestic businesses ask whether we are as committed to them as we are to big global firms.
"I want to show UK businesses that we are right behind them, whatever the size of their ambitions. We currently approve more than 85% of lending applications, and our net lending to business is up in 2015 – but we want to do even more. Our £8 billion fund is an aspiration, not a limit, and waiving fees from our business loans could save the average firm hundreds of pounds."
Antonio Simoes, UK chief executive at HSBC, added: "It's vital that SMEs across the country, from start-ups and sole traders upwards, know that HSBC is there to support them. We want to be their bank of choice. That's why we've launched our largest ever package of support, with £8 billion available to lend and a promotion designed to make it cheaper and simpler to borrow for your business."
The bank also said that it would be organising more than 300 workshops nationwide over the 12 months, aiming to support 10,000 businesses in seeking to grow from start-ups to established firms looking to grow. 18 months of fee-free business banking for start-ups is also being offered, and 12 months for existing SMEs who switch.
HSBC website
Images: HSBC
The national £8 billion SME fund will be allocated in 43 local tranches across the country, signalling HSBC's commitment to increase support for British small business. In addition to the fund, arrangement and HSBC security fees on qualifying business loans worth between £1,000 and £300,000 will be waived or refunded through to the end of July.
Advertisement Ian Stuart, head of UK commercial banking at HSBC, said: "We're hugely proud of our unique international network, but too often we've heard smaller, domestic businesses ask whether we are as committed to them as we are to big global firms.
"I want to show UK businesses that we are right behind them, whatever the size of their ambitions. We currently approve more than 85% of lending applications, and our net lending to business is up in 2015 – but we want to do even more. Our £8 billion fund is an aspiration, not a limit, and waiving fees from our business loans could save the average firm hundreds of pounds."
Antonio Simoes, UK chief executive at HSBC, added: "It's vital that SMEs across the country, from start-ups and sole traders upwards, know that HSBC is there to support them. We want to be their bank of choice. That's why we've launched our largest ever package of support, with £8 billion available to lend and a promotion designed to make it cheaper and simpler to borrow for your business."
The bank also said that it would be organising more than 300 workshops nationwide over the 12 months, aiming to support 10,000 businesses in seeking to grow from start-ups to established firms looking to grow. 18 months of fee-free business banking for start-ups is also being offered, and 12 months for existing SMEs who switch.
HSBC website
Images: HSBC
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