HSBC launches £10bn SME fund

The fund has been structured to ensure that SMEs in England, Wales, Scotland and Northern Ireland are able to access the funds they need.

HSBC said it has approved 91% of small business lending applications in the last year.

Ian Stuart, HSBC’s UK CEO, said the launch reaffirms the bank’s commitment to supporting the growth of UK SMEs of all sizes, from start-ups to established businesses.

“The UK is home to a diverse range of SMEs across established and emerging sectors, operating in their regional markets or looking to trade internationally. We want to put SMEs in a stronger position to make investments that will stimulate local economies and create more jobs,” he said.

A key focus of the fund is to encourage small businesses to feel confident about exploring opportunities for export.

HSBC research into 1,000 UK SMEs, both those already exporting and those that are considering it, found they are prepared to consider the opportunities of international trade but are wary of a range of perceived barriers. These include a lack of understanding of local market, lack of international business experience and problems overcoming language/cultural barriers.

Amanda Murphy, head of commercial banking at HSBC UK, said: “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.”