HSBC launches £250m fund to support Lancashire SMEs

HSBC has launched a £250m lending fund to support small and medium-sized enterprises (SMEs) in Lancashire, as part of a broader commitment to make banking cheaper and simpler for customers.

The fund is the largest package of support to be announced by HSBC for SMEs in Lancashire. It has been introduced to meet growing SME demand locally and is an increase from the £225m fund allocated to the same region in 2015.

• A £250m fund available to support Lancashire SMEs
• A free banking offer of up to 18 months for start-ups and 12 months for switchers
• The introduction of year-long fixed-price £5.50 monthly account tariff, to commence at the end of a customer’s initial free banking period
• Changes that will make banking cheaper for our customers: a reduction in the Personal Guarantee Fee from £80 to £10 for any lending facility above £10,000
• The launch of the Business Lending Eligibility Checker (BLEC) – an online tool offering potential new customers a credit decision in principle for loans of up to £30,000 in under two minutes

• A free text alert service for informal overdrafts, which will help customers avoid paying informal overdraft fees and interest.

HSBC’s head of UK commercial banking, Ian Stuart, said: “Right across the UK there is a wide range of innovative new and established SMEs, proving that location is no barrier to a great business idea. SMEs are the driving force of the UK economy and we are here to support them, whether they are a start-up or established business, focused either on the domestic market or looking to trade internationally. This fund underpins our support by putting SMEs in a stronger position to be making investments that will stimulate local economies and create more jobs.”