Bank launches £500m fund for East Midlands SMEs

HSBC UK has launched a £500 million lending fund to support SMEs in Leicester, Nottingham and Derby.

The East Midlands Fund is part of a wider £14 billion fund for SMEs across the UK which has been created to help businesses grow amidst the challenging context of Brexit.

The new fund will add to HSBC UK’s existing provision for SMEs, which in the past twelve months has seen companies such as Leicester-based tissue manufacturer LTC reap substantial benefits – £6 million in this case, a cash injection that enabled LTC to double its production output.

Fran Howell, regional director for corporate banking in the West Midlands, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across the East Midlands.

“With an established history in manufacturing, the East Midlands region is focused on maximising its importance as a place to do business. With the combined potential of high-speed rail, energy supply and international air travel, the foundations are in place to transform the East Midlands into one of the UK’s most desirable regions in which to live and work. This fund is all about helping businesses to take advantage of these opportunities for growth and we want to reassure them that we’re here to support them achieve their goals.”

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.”