Bank raises fund
HSBC offers record lending package to SMEs
The £500 million lending fund is part of a £10 billion commitment to helping British businesses and is £50m more the bank allocated last year.
HSBC said it had approved 91% of small business lending applications in the last year.
Andrew Little, HSBC’s regional director for Scotland, said: “The launch of this fund reaffirms our commitment to support the growth of Scottish SMEs of all sizes, from start-ups to established businesses.
“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”
A major focus of this year’s fund is to encourage exporters. A 2016 FSB Report noted that one-in-five (21%) small businesses currently export, but there is potential to double this figure with the right support.
Amanda Murphy, head of commercial banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.”