HSBC has opened its record £12 billion fund to UK SMEs as it invites businesses to use its loan services to grow their business.
The fund will be split across specific regions and cities in the UK and will include a ring-fenced £1 billion fund to help firms grow their business internationally.
The £12 billion figure is double the size of the original HSBC SME fund in 2014.
How do I access the money as a business?
To be considered, you need to have a maximum annual turnover of £25 million and it is open to any sector of business and is available for the next 12 months.
To apply, go to the HSBC website, make an appointment with an adviser in branch or speak to an HSBC ‘relationship manager.’
There will also be a ring-fenced £300 million fund for agriculture businesses.
Further reading on banking
- What benefits should your business bank account have?
- Top 5 SME funding fails revealed
- Bank ring-fencing: the catalyst for businesses to review their banking exposure
Recent HSBC research says that over two-thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year. With 1,000 new businesses starting up across the UK every day, there is certainly an appetite for funding.
Amanda Murphy, head of commercial banking at HSBC UK said, ‘We cover more than 90 per cent of global trade and capital flows and are uniquely placed to help these businesses trade overseas.’