Banking giant HSBC has announced a £15bn lending fund for SMEs- with £1.25bn ring-fenced for the North West.
HSBC says this year’s fund also includes ring-fenced funding for businesses trading internationally (£2bn), in the agriculture sector (£1.2bn) the tech sector (£500m) and franchise businesses (£500m).
Among the businesses to win funding through the HSBC UK SME Fund in 2021 was Manchester's ShinDigger Brewery. its six-figure funding package allowed it to expand its cold store premises and meet increased levels of consumer demand from across the UK.
Peter McIntyre, Head of Business Banking at HSBC UK, said: “SMEs are vital to the UK economy, and our customers have told us they are ready to invest for growth.
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"The £15bn fund will help businesses to expand internationally, as well as here in the UK, supporting key sectors and driving investment across the regions.
“We want to make a significant contribution to economies across the country, driving employment, local wealth and growth by providing funding, when and where it’s needed most. We know our customers are innovating and adapting at pace and British businesses need their bank to be flexible, supporting future growth opportunities.”
Small Business Minister Paul Scully said: “This new fund puts HSBC on course to have lent more than £100bn to UK small businesses within a decade, which is a great milestone for HSBC and even better for the communities across the country being helped to thrive.
“This extra funding builds on the support available through government schemes like Help to Grow and Start Up Loans to help small businesses grow and reach their full potential.”
Small Business Commissioner, Liz Barclay, said: “The challenges facing small businesses are beyond imagination. The problems caused by poor payment practices such as late or delayed payments, and extended payment terms pile pressure on cash flow.
"Small firms are the lifeblood of the economy, and they must be paid fast and fair, and if they are to have the confidence to invest and build the resilience, they’ll need to weather the storms ahead and they will need the support of funds like this more than ever”.
