HSBC has launched a £500 million lending fund to support small and medium-sized enterprises (SMEs) in Gloucestershire, Wiltshire, Bath and Bristol.

The fund is part of a wider £10bn fund for SMEs across the UK.

HSBC says it continues to be open to lending, having approved 91% of small business lending applications in the last year.

Nigel B. Davis, HSBC's regional director for the Western & Wales region, said: "The launch of this fund reaffirms our commitment to support the growth of Gloucestershire 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 small businesses to feel confident about exploring opportunities for export.

Stroud-based manufacturer Omnitrack was one of many Gloucestershire firms to benefit from last year's SME Fund.

Omnitrack manufactures specialists units which enable the smooth movement of heavy objects for a range of high-tech industries worldwide.

The business secured a six-figure finance package from HSBC to build a new 10,000 sq ft state-of-the-art extension to its existing production facility in Stroud.

Omnitrack operates from Rodborough Court, a grade II listed manor house built in the 17th Century French Renaissance style on Walkely Hill, Stroud.

The funding will bring its research & development facilities together onto one production site. The new building, which is set to open in November 2017, is located alongside the company's existing site within the historic and picturesque setting.

The funding is also helping the business grow its workforce as it seeks to create 12 full-time positions within the next 14 months.

John Cabrini-Dale, director of Omnitrack, said: "Our family-run business has been supported by HSBC for 11 years and this latest venture illustrates the bank's commitment to our export-orientated business."

Omnitrack is a family-run manufacturer which began producing treadle lathes (spinning machines), motorcycles, cars and castors (under the brands of Autoglider, National and Autoset) in Birmingham in January 1909. The family moved the business to Stroud in 1993.

Picture caption: HSBC relationship manager Mike Barber, left, and Omnitrack director John Cabrini-Dale on site at Omnitrack.