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£450m on offer to small firms

HSBC offers record loan funding to SME sector

HSBC HQ websiteHSBC has today launched a £450 million loan fund for small businesses in Scotland, the largest package of support for  Scottish SMEs offered by the bank.

It is £50m more than was made available last year and the bank says this is reflection of higher demand from SMEs and its willingness to lend more to the sector.

Susan Rowand, HSBC’s head of business banking in Scotland, said: “There is a strong desire from ambitious local SMEs to grow their businesses, and we are responding by ensuring HSBC is providing the funds they need to realise these ambitions.”

The banks’ 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.”

The UK government’s small business minister, Anna Soubry has encouraged small businesses to capitalise on the services being offered by lenders to support their growth.

We have a record number of small businesses driving our growing economy and while the picture is improving, access to finance remains an issue for many of them.

“It’s absolutely right that banks such as HSBC continue to develop their support for smaller businesses. I also want to see more of these businesses taking advantage of what’s on offer, both from banks and alternative lenders, to help them grow, invest and create jobs for people.”

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