Black Country and Shropshire SMEs snap up growth funding
AMBITIOUS businesses in the Black Country and Shropshire have outpaced expectations in accessing finance from HSBC in 2014, new data from the bank has shown.
By the start of last month, more than three quarters (£75.4m) of HSBC’s £100m SME fund had been distributed in the Black Country and Shropshire.
Lending to SMEs at the beginning of November was up 42% on the same period last year.
The fund in the area is part of a national £6bn package made available by HSBC in 2014 to support the UK’s ambitious businesses.
Martin Hansen, HSBC’s Head of Business Banking for the Midlands, said: “I’m delighted that businesses across the Black Country and Shropshire have accessed so much of the £100m we set aside to support them.”
He said it was the bank’s intention to continue lending if the demand from businesses was there.
Among the local businesses to benefit from the fund in 2014 is Impacta, a specialist manufacturer of aeronautical and automotive packaging. The Bilston company accessed £150,000 to acquire a plot of land next to its existing factory in order to increase its production capacity after winning new contracts.
Impacta founder Warren Morgan said: “We were ambitious to expand our business and HSBC’s support has been vital in securing the premises we needed to grow our production. Having won contracts this year, we are confident about the climate for future growth.”
