HSBC has announced that over one-fifth of its recently announced £10bn fund for UK SMEs will go to small and medium-sized businesses in the capital.
According to the bank, £2.1bn of its massive SME fund will be utilised to help support London SMEs with their growth aspirations, and HSBC has pledged to continue its open lending policy which has seen it approve nine out of every 10 small business lending applications.
HSBC has also said that a key focus of this year’s fund will be encouraging small businesses to start exporting, particularly in light of a 2016 FSB report which found that only 21% of small businesses export, a number which could potentially be doubled with the right support.
Arjan Van Den Berkmortel, HSBC’s Regional Director for London, commented: “The launch of this fund reaffirms our commitment to support the growth of London SMEs of all sizes, from start-ups to established businesses.
“We have so many ambitious businesses in this great city of London 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.”
Written by: Billy Wood
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