A £10 billion lending fund has been launched by HSBC which is set to help UK small and medium sized enterprises.
The fund, which forms part of a broader plan to make banking cheaper and simple for customers, is the largest package of support to be announced by HSBC for UK SMEs. This is set to ensure ambitious companies in England, Wales, Scotland and Northern Ireland can access these funds and grow their businesses.
HSBC’s 2016 SME Fund also includes up to an 18 months free banking offer for start-ups and 12 months for switchers, with yearlong fixed-price £5.50 monthly account tariff which commences at the end of customer’s initial free banking period.
Also being offered is the Business Lending Eligibility Checker, which is an online tool that offers potential new customers principal loans of up to £30,000 in under three minutes.
Commenting on the fund, Head of UK commercial banking at HSBC, 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.
“The fund underpins our support by putting SMEs in a stronger position to be making investments that will stimulate local economies and create more jobs.”
Small business minister, Anna Soubry, has encouraged small businesses to take utilise these services, adding: “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.”