HSBC commits £550 million to Gloucestershire SMEs
By Sarah Wood | 19th September 2018
Some good news for Gloucestershire businesses today, as HSBC UK has launched a £550 million lending fund to support small and medium-sized enterprises (SMEs) in the county.
The Gloucestershire, Bath, Bristol and Wiltshire fund is part of a wider £12 billion SME Fund launched today, to help businesses across the UK realise their ambitions for growth.
Now entering its fifth year, HSBC UK's dedicated SME Fund is the largest to date, up £2 billion on last year, after the entire 2017 fund was used by British businesses looking to expand. This year's SME Fund brings the total funds committed to SMEs over the last five years to £46 billion.
Nigel B. Davis, HSBC's regional director for the Western & Wales region, said: "This latest fund highlights HSBC UK's unwavering commitment to supporting the growth of SMEs right across Gloucestershire, no matter whether they've just started out or are an already established business.
"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 Gloucestershire economy. This year is no exception and we hope to see many more local businesses taking advantage of the fund over the next year."
Amanda Murphy, head of commercial banking at HSBC UK, said: "Many SMEs in the UK are ambitious, entrepreneurial and ready to expand. After the success of last year, this increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth. We are committed to help British businesses innovate, evolve and grow."
The new SME Fund includes a ring-fenced £1 billion 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.
Amanda Murphy continued: "British companies are optimistic about their trade growth prospects, but it's important they can get the finance they need to achieve it. With this in mind, we have set aside £1 billion of the fund to support international businesses in the UK. We cover more than 90 per cent of global trade and capital flows and are uniquely placed to help these businesses trade overseas."
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