HSBC UK launches Bounce Back Loans to support small businesses
Amanda Murphy, Head of Commercial Banking, HSBC UK said: “HSBC UK is committed to supporting UK businesses during these challenging times and have already provided customers with over £2.3 billion in support to help them through this outbreak. We have been working at pace to deliver the Government backed schemes to ensure businesses are getting the funding they need. The Bounce Back Loan Scheme will ensure small business have access to vital financial support and combined with our own initiatives will provide reassurance to businesses over the coming weeks and months.”
Backed by an 100% Government guarantee, HSBC UK will provide lending of between £2,000 and £50,000 (up to a maximum of 25% annual turnover) and any business can apply online at www.cbil.business.hsbc.co.uk/bbls.
- Government covers first 12 months of interest and fees
- No repayments required for the first 12 months
- Interest rate of: 2.5% fixed for the life of the loan
- 6-year loans with no early repayment charges
- For HSBC UK customers funds will be available within days
- For new customers, we need to do additional checks which will take longer
We’ll be working hard to ensure quick access for our customers. New customers to HSBC UK will need to undergo additional checks, therefore we advise all businesses seeking help quickly to go through their own bank first.
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.
Note to editors
The previously announced support package includes:
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Launched CBILS, CLBILS and CCFF
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering 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.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
Trade
- £3bn to importers and exporters that need additional support*
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers
Media enquiries to:
Katie Cohen +44 (0) 77 472 46445 katie.cohen@hsbc.com
Twitter: @HSBC_UK/@HSBCUKBusiness
For the latest news and updates, visit the HSBC UK newsroom:
https://www.about.hsbc.co.uk/news-and-media
HSBC UK
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$2,918bn at 31 March 2020, HSBC is one of the world’s largest banking and financial services organisations.