HSBC adds £250m to SME fund

HSBC UK has added £250m to its lending fund which supports SMEs in Lancashire.

HSBC SME Fund

Support also includes free banking for start-ups, reduced arrangement fees and fixed tariffs.

The money is part of a £12bn pot made available from SMEs across the UK, and follows on from similar investments in previous years.

The SME Fund 2018 is double the first SME Fund of £6bn, launched by HSBC in 2014, and brings total funds committed to SMEs over the five years to £46bn

Mike Hemingway, HSBC UK’s regional director for the North, said the money would be made available to SMEs across Lancashire "whether they’ve just started out or are an already established business."

He said: “Each year, the fund helps and encourages businesses to grow locally, nationally and internationally, in turn helping them achieve their ambitious goals and create jobs for the Lancashire economy. This year is no exception and we hope to see many more local businesses taking advantage of it over the next year.” The new SME fund includes a ring-fenced £1bn to help UK companies grow their business overseas. HSBC research revealed that over two thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year.