From 20 April 2020, HSBC UK will reduce the minimum amount that sole traders and partnerships can borrow through CBILS from £25,001 to £10,000 to make it easier for smaller businesses to access liquidity.
The Bank also intends to launch CLBILS early next week for existing customers with an annual turnover of more than £45 million. HSBC UK CLBILS features include:
Amanda Murphy, Head of Commercial Banking, HSBC UK said: “This is a difficult time for businesses across the UK and we are doing all we can to extend our support in any way possible.
Sole traders and partnerships are a vital part of our business community and many need immediate access to finance to see them through this unprecedented moment in time.
Over the past couple of weeks, we’ve been in close contact with the Government and the British Business Bank and have together been discussing how we might be able to support mid-market enterprises who, due to their size, weren’t eligible for CBILS.
We are committed to supporting all UK businesses through these challenging times and will continue to launch new measures to alleviate some of the pressures that our customers are facing.”
The new measures build upon the package of support that HSBC UK has already announced for business customers.
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.uk
Notes To Editors
* Eligibility criteria applies
The previously announced support package includes:
For the latest news and updates, visit the HSBC UK newsroom:
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.
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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.