HSBC UK today launches a £2.2bn lending fund to support small and medium-sized enterprises (SMEs) in London, as part of its commitment to help businesses realise their ambitions for growth and navigate Brexit.
The London Fund is part of a wider £14 billion fund for SMEs across the UK. Since launching the SME Fund in 2014, HSBC has committed more than £60 billion to UK SMEs as part of its commitment to help British businesses innovate, evolve and grow.
The HSBC UK 2019 Fund includes increased ring-fenced pots for international businesses and for the agriculture sector.
The allocation for international business has been doubled to £2bn to help companies grow overseas, while the agriculture pot has increased to £1bn from £300m last year.
Arjan Van Den Berkmortel, HSBC UK’s Regional Director for Business Banking in London City said, “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across London.
“This fund is all about helping businesses to take new opportunities and grow and we want to reassure them that we’re here to support them achieve their goals.”
HSBC UK funding has already benefited many SMEs across London, including sparkling wine brand, Thomson & Scott, which earlier this year secured a £225,000 financial package from HSBC UK to research, develop and launch new products globally.
Amanda Thomson, Founder and CEO of Thomson & Scott said, “It has continued to be a busy and exciting time for Thomson & Scott since we launched our Prosecco in 2016. Without the support from HSBC UK, we couldn’t have grown our new brand and concentrated on key new product development in the way that we have. It has given us the confidence and support we needed to launch our new alcohol-free sparkling wine Noughty, as the business has moved from being a small London-based start-up to a business that operates across the globe.”
Hackney-based mental health charity, Core Arts, has also benefited from HSBC UK funding recently. The charity received a £850,000 funding package from the bank to enhance the support it provides to the local community.
Amanda Murphy, Head of Commercial Banking at HSBC UK added, “Our SME Fund will help companies seize new opportunities for growth at home and overseas.
“We’ve always supported ambitious businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.
“This year’s Fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world.”
To help customers prepare for Brexit, HSBC UK has launched a dedicated helpline for customers with Brexit-related financial concerns and setup an online resource hub which provides support and advice on the steps businesses should take to plan for the future.
The bank has had more than 15,000 conversations with customers about Brexit so far this year and has held more than 60 sessions across the country to talk to SMEs about the current economic landscape and how to plan for growth.