HSBC launches £1.2bn fund to help small firms

Here’s what it said 

HSBC has launched a £2.1bn lending fund to support small and medium-sized enterprises (SMEs) in London, as part of a broader commitment to helping British businesses realise their ambitions for growth.

The fund is part of a wider £10bn fund for SMEs across the UK which has also been launched today.

HSBC continues to be open to lending, having approved 91 per cent of small business lending applications in the last year.

Arjan Van Den Berkmortel, HSBC’s Regional Director for London, said: “The launch of this fund reaffirms our commitment to support the growth of London SMEs of all sizes, from start-ups to established businesses. 

“We have so many ambitious businesses in this great city of London who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”

A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export. A 2016 FSB Report noted that one-in-five (21 per cent) small businesses currently export, but there is potential to double this figure with the right support.