HSBC aims to grab SME market share

HSBC has launched a major drive to woo more small and medium-sized businesses with a £8bn national fund.

The banking giant said it had ear-marked a total of £400m to be lent to businesses in Greater Manchester, while £150m has been allocated to Liverpool and Cheshire.

It is offering 18 months of fee-free business banking for start-ups and 12 months of no fees for established small companies which switch their banking from another lender.

HSBC also said it would be hosting more than 300 workshops nationwide, aiming to support 10,000 businesses in seeking to grow- from start-ups to established firms looking to grow.

In 2014,  the bank won 75,721 new small business customers, which took the total to one million.

Sam Roden, area director of Business Banking in Manchester, said: “Today we are announcing our largest ever package of support for SMEs in Manchester including a £400m fund for lending and a promotion designed to make it cheaper and simpler to access funding.

“Too often I hear customers say they weren’t aware just how closely HSBC works with SMEs and start-ups in Manchester. We want to change that perception and reaffirm our commitment to businesses of all sizes.”