HSBC UK promises £1.1 billion to support West Midlands SMEs

Read our feature on SMEs in our March 2018 issue
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HSBC UK has launched a £1.1 billion lending fund to support small and medium-sized enterprises (SMEs) in the West Midlands, as part of its broader commitment to helping British businesses realise their ambitions for growth.

The West Midlands fund is is part of a wider £12 billion SME Fund for businesses across the UK. You can read our SME Showcase published in our March 2018 issue.

Now entering its fifth year, HSBC UK’s dedicated SME Fund is the largest to date – increasing £2 billion on last year after the 2017 fund was fully used by British businesses seeking to expand.

The SME Fund 2018 is double the first SME Fund of £6 billion – launched by HSBC in 2014 – and brings total funds committed to SMEs over the five years to £46 billion.

In West Midlands, the fund has increased by £100 million since 2017. 

Martin Hanson, HSBC Regional Director for Business Banking in the West Midlands, said:“This latest fund highlight’s HSBC UK’s unwavering commitment to supporting the growth of SMEs right across the West Midlands, no matter whether they’ve just started out or are an already established business.

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 year1.

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.”

West Midlands Mayor Andy Street said: “The West Midlands economy is going from strength to strength, and small and medium-sized businesses in the region are performing well.

This new West Midlands lending fund from HSBC UK, the largest for any region in the UK outside London, gives entrepreneurial businesses the chance to invest to grow their businesses.

It’s an exciting time to be doing business in the West Midlands.”

Small Business Minister Kelly Tolhurst said: “With more than 1,000 starting up every day, the UK’s 5.7 million small businesses are the backbone of our economy.

“Through our modern Industrial Strategy and industry-led initiatives such as this, the Government and industry are building an environment in which businesses all over the country can thrive.”