HSBC launches £1bn fund to boost West Midlands SMEs

Martyn Drayton, International Relationship Manager at HSBC in Greater Birmingham, and Tim Warrington, CEO & Managing Director of

HSBC has launched a £1bn lending specifically to support SMEs in the West Midlands.

The bank, which will shortly be relocating its UK head office to the region, said the move was part of a broader commitment towards helping British businesses realise their growth ambitions.

The £1bn fund is part of a wider £10bn to be spread across the UK.

Martin Hanson, HSBC’s Regional Director for the Midlands, said: “The launch of this fund reaffirms our commitment to support the growth of West Midlands based SMEs of all sizes, from start-ups to established businesses.

“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”

A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export. A 2016 FSB report noted that one-in-five (21%) small businesses currently export, but the bank said there was potential to double this figure with the right support.

Amanda Murphy, Head of Commercial Banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.”

Halesowen-based manufacturer, was one of the firms in the West Midlands to benefit from last year’s SME Fund., a leading manufacturer and supplier of portable photobooth systems, secured a £600,000 finance package from HSBC to assist in the purchase of a new commercial premises to allow the company to significantly increase its business capacity.