£15 Billion Fund to Help SMEs Recover from Pandemic
HSBC’s £15 billion lending fund has been established to help small and medium-sized enterprises (SMEs) innovate, grow and achieve their future goals.
It reflects the bank’s commitment to supporting businesses through economic uncertainty and recovery from the coronavirus (COVID-19) pandemic.
The fund, which includes over £10 billion of specific regionally focused allocations, will seek to ensure that companies throughout the country can benefit, supporting regional economies, employment opportunities and driving growth.
For those companies exploring opportunities overseas, there is a ring-fenced pot for international businesses of £2 billion. £1.2 billion has been set aside for the agriculture sector, £500 million for the technology sector and £500 million for franchise businesses.
SMEs in the UK, whether they are a start-up or established business, focused either on the domestic market or looking to trade internationally, may apply.
Applicants do not need to be an HSBC customer to qualify.
Peter McIntyre, head of small business banking at HSBC UK, said:
‘The £15 billion fund will help businesses to expand internationally and here in the UK, support key sectors and drive investment across regions.’