Bank announces £1.05bn fund for SMEs in the North West

Tiger Trailers

A national bank has announced a £1.05bn fund to support SMEs in the North West.

HSBC’s North West Fund is part of a wider £14bn fund for SMEs across the UK.

Since launching the SME Fund in 2014, HSBC has committed more than £60bn 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 £300mm last year.

Scott Solberg, Regional Director for the North, HSBC UK, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs right across the North West – from Lancaster to Liverpool and Manchester to Macclesfield.

“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 in achieving their goals.”

As part of last year’s SME fund, HSBC UK supported Manchester-based ShinDigger brewery to expand its 2,500 sq. ft. warehouse in Ancoats.

ShinDigger currently supplies beer throughout Northern England and is broadening its presence across the UK.

To meet this growing demand, the brewery also invested in a new delivery van to ensure efficient delivery of its products to pubs and retailers, including select Co-op supermarket stores.

HSBC UK also supported Cheshire-based Tiger Trailers, one of the UK’s leading truck trailer and bodywork manufacturers, to launch its new 168,000 sq. ft. manufacturing facility in Winsford – creating 200 new jobs in the process.

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.”

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.

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