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£950m earmarked to support East Midlands businesses | Midlands Offers News

HSBC UK has launched a £15bn loan fund for small and medium-sized businesses with £950m earmarked to support the East Midlands economy.

The fund is part of HSBC’s commitment to helping UK businesses innovate and grow in the UK and internationally.

It also includes funding earmarked for companies trading internationally (£2bn), in the agriculture sector (£1.2bn), technology sector (£500m) and franchise businesses (500m). million pounds).

The program is aligned with the Green SME Fund (£500m) for companies of all sizes wishing to transition to a low-carbon economy, as well as the new Growth Lending Fund (£250m) for high-growth technology companies.

Small Business Minister Paul Scully said: “This new fund puts HSBC on track to have lent more than £100 billion to UK small businesses in a decade, which is an important milestone for HSBC and even better for the communities across the country that are being helped to prosper.

“This additional funding builds on support available through government programs such as Help to Grow and Start Up Loans to help small businesses grow and reach their full potential.”

In 2021, the HSBC UK SME Fund supported the Little Eaton car and van repair center Panel Match with a five-figure package. The support enabled the company to open a new unit, which increased operating space by 50%.

Peter McIntyre, Head of Corporate Banking at HSBC UK, added: “SMEs are vital to the UK economy, and our clients have told us they are ready to invest for growth. The £15bn fund sterling will help businesses grow internationally, as well as here in the UK, by supporting key sectors and boosting investment in the regions.

“We want to make a meaningful contribution to economies across the country, boosting jobs, local wealth and growth by providing financing, when and where it’s needed most. We know our customers innovate and adapt. pace and UK businesses need their bank to be flexible, supporting future growth opportunities.”