HSBC UK launches £950m fund to support East Midlands SMEs

Small and medium-sized businesses across the East Midlands can bid for a slice of a new £950m lending fund from today (1 June).

The fund – intended to support local economies, create job opportunities and drive growth across the region – is part of a £15bn scheme launched by HSBC UK.

The wider fund includes £2bn in ring-fenced cash for businesses trading internationally, £1.2 bn for firms in the agricultural sector, £500m for tech companies and a further £500m for franchise businesses.

It is also aligned with the Green SME Fund, which will see £500m made available to businesses of all sizes that wish to transition and thrive in a low carbon economy, and a new £250m Growth Lending Fund for high growth tech businesses.

Peter McIntyre, head of business banking at HSBC UK, said: “SMEs are vital to the UK economy, and our customers have told us they are ready to invest for growth. The £15 billion fund will help businesses to expand internationally, as well as here in the UK, supporting key sectors and driving investment across the regions.

“We want to make a significant contribution to economies across the country, driving employment, local wealth and growth by providing funding, when and where it’s needed most. We know our customers are innovating and adapting at pace and British businesses need their bank to be flexible, supporting future growth opportunities.”