HSBC Invests £15b in SME Support Fund
(12 March 2021 – United Kingdom) The United Kingdom (UK’s) largest Bank has allocated £15 billion in support funding to Small and Medium-sized Enterprises (SMEs). The new allocation of funding will be the largest value of SME financing issued since 2014 with the package targeted at helping SMEs to develop in the UK post COVID-19.
HSBC also stated that two-thirds of the funding will be directed to specific regions, ensuring that companies throughout the UK are able to benefit from this support. £2 billion will be ring-fenced for firms trading overseas and a further £1.2 billion for those in the agricultural sector will also be available.
“We’ve helped British business get through the last year with over £14 billion of COVID-19 lending support. Now it’s time to turn our minds to what comes next and how we help companies grow again, opening up a world of opportunity and contributing towards a sustainable future society” commented HSBC UK Head of Small Business Banking, Peter McIntyre.
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