A number of South West business are adapting their strategies to navigate financial challenges over the next six months.
A study from HSBC UK found that a third (36%) of UK businesses plan to alter their approach, with 29% stating that they had to adapt their business strategy over the past five years to survive.
HSBC, which recently announced that it is set to relocate to a new South West headquarters in Bristol, has launched its latest SME fund alongside these findings. The bank will provided a dedicated £400,000,000 lending fund for small and medium sized businesses in Bristol and Bath.
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HSBC has committed to putting a "comprehensive range of support" in place to support SMEs that may be struggling with cost-of-living challenges, including a dedicated £15bn fund cost-of-living customer webinars, a new Financial Worries and Wellbeing Hus, plus support from HSBC UK’s specialist financial support team for customers showing early warning signs of financial difficulty.
The fund is available to businesses across the country and includes allocated funding for businesses trading internationally (£2bn), in the agriculture sector (£1.2bn) the tech sector (£500m) and franchise businesses (£500m).
Business and trade Minister Kevin Hollinrake commented: “British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience in the face of challenging circumstances.
“Through the British Business Bank, the Government is helping more businesses to access the finance they need to start, scale and grow. It is great to see HSBC doing their bit to back business through their SME lending fund and other support services.”
Peter McIntyre, head of business banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy. During the pandemic, many businesses had to act fast to successfully adapt - and we’re seeing the same resilience again now.
“The UK is home to many fast growing, robust and innovative businesses who, together with the support of their banks, can seize opportunities and become stronger. HSBC UK package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.”
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