*** Preferential financial solutions for ventilator businesses ***
*** Coronavirus Business Interruption Loan Scheme launched ***
*** £100 Small Business Loan fee waiver ***
HSBC UK will offer companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
In addition, HSBC UK will remove the £100 fee for Small Business Loans immediately.
The Coronavirus Business Interruption Loan Scheme (CBILS) has launched today and is available for existing customers with a group turnover of up to £45 million. The Government guarantee will secure bank loans to viable businesses with a sound borrowing proposal but which may lack adequate security.
HSBC UK will expand the scheme imminently by launching overdrafts and broadening its support for sole traders and partnerships.
Amanda Murphy, Head of Commercial Banking, HSBC UK said: “We are committed to supporting UK businesses through these challenging times, and will continue to launch new measures to alleviate some of the pressures that our customers are facing. Otherwise healthy businesses are suffering from disruptions to their supply chain, decreased demand for goods or services and strains on their cash flow. We want to assure our customers that we are here to support them through this unprecedented time.”
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers.
Katie Cohen +44 (0) 77 472 46445 email@example.com
For the latest news and updates, visit the HSBC UK newsroom: https://www.about.hsbc.co.uk/news-and-media
Note to editors
*1 Subject to status, capital repayment holiday can be extended up to 24 months during the life of the loan.
*2 All loans are subject to status. Terms and conditions apply.
The previously announced support package includes:
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,715bn at 31 December 2019, HSBC is one of the world’s largest banking and financial services organisations.