Bank pledges £1.1bn to region’s SMEs
HSBC UK has today launched a £1.1bn lending fund to support SMEs in the West Midlands, including £600m for Birmingham businesses.
The West Midlands 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.
The 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 £300m last year.
Fran Howell, HSBC 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 Birmingham and the West Midlands.
“It is an exciting time to be a business owner in the West Midlands. As well as having the fastest growing economy outside of London, the region remains top of the national league for exports, job creation and foreign business investment. This fund is all about helping businesses take advantage of these opportunities for growth. We’re particularly pleased that this is the biggest city fund outside of London and demonstrates the Bank’s commitment to Birmingham and the wider region.”
Over the past twelve months, HSBC UK has supported business such as Sirus Automotive, the UK’s leading provider of Upfront Wheelchair Accessible Vehicles (WAVs).
Based in Wednesbury, the business used the funding to develop its Research & Development (R&D) programme and facilitate its international expansion plans.
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.”
