Now entering its fifth year, HSBC UK’s dedicated SME Fund 2018 is the largest to date – increasing £2 billion on last year after the 2017 fund was fully utilised by British businesses seeking to expand.
The SME Fund 2018 is double the first SME Fund of £6 billion – launched by HSBC in 2014 – and brings total funds committed to SMEs over the five years to £46 billion.
Amanda Murphy, Head of Commercial Banking at HSBC UK, said: “Many SMEs in the UK are ambitious, entrepreneurial and ready to expand. After the success of last year, this increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth. We are committed to help British businesses innovate, evolve and grow.”
The new SME Fund includes a ring-fenced £1 billion to help UK companies grow their business overseas. HSBC research revealed that over two-thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year1.
Amanda Murphy said: “British companies are optimistic about their trade growth prospects but it’s important they can get the finance they need to achieve it. With this in mind, we have set aside £1 billion of the Fund to support international businesses in the UK. We cover more than 90 per cent of global trade and capital flows and are uniquely placed to help these businesses trade overseas.”
Small Business Minister, Kelly Tolhurst, said: “With more than 1,000 starting up every day, the UK’s 5.7 million small businesses are the backbone of our economy.
“Through our modern Industrial Strategy and industry-led initiatives such as this, the Government and industry are building an environment in which businesses all over the country can thrive.”
Following on from last year’s success, the 2018 SME Fund will again include a ring-fenced minimum pot of £300 million to support the UK’s agriculture businesses. Ensuring the Fund remains truly UK-wide in its support of ambitious companies, it will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland.
HSBC UK’s 2018 SME Fund and broader package of support includes:
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1. HSBC Navigator Research, April 2018
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Note to editors:
HSBC UK serves around 14.5 million customers in the UK supported by approximately 32,000 employees. HSBC UK offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and large corporates. HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,607bn at 30 June 2018, HSBC is one of the world’s largest banking and financial services organisations.