HSBC has launched a £1bn lending fund to support small and medium-sized enterprises (SMEs) in Yorkshire.
The fund is the largest package of support to be announced by HSBC for SMEs in Yorkshire and is a significant increase on the £850m fund allocated in 2016.
It is part of a wider £10bn fund for SMEs across the UK which has also been launched today.
HSBC continues to be open to lending, having approved 91% of small business lending applications in the last year.
Mike Hemmingway, HSBC’s regional director for the North, said: “The launch of this fund reaffirms our commitment to support the growth of Yorkshire 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.”
This new fund is putting a lot of emphasises on encouraging small businesses to feel confident about exploring opportunities for export. A 2016 FSB Report revealed that 21% of small businesses currently export, but there is potential to double this figure with the right support.
Amanda Murphy, head of commercial banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”
Written by: Nick Hill