Business leaders in Staffordshire are welcoming HSBC UK’s launch of a £1.5 billion fund to support Small and Medium-Sized Enterprises in the West Midlands.
The funding package has been calibrated to boost firms’ resilience during the cost of living crisis.
In total across the UK the bank is making £15 billion available including £2 billion for businesses trading internationally, £1.2 billion for the agricultural sector, £500m for the tech sector and £500m for franchise businesses.
“SMEs are the lifeblood of the UK economy,” said Peter McIntyre, HSBC UK Head of Business Banking.
“During the pandemic, many businesses had to act fast to successfully adapt – and we’re seeing the same resilience again now.
“The UK is home to many fast growing, robust and innovative businesses who, together with the support of their banks, can seize opportunities and become stronger.
“HSBC UK’s package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.”
Staffordshire Chambers of Commerce has welcomed the launch of the fund while reminding members that various other funding opportunities are also available.
Chief Executive Sara Williams, pictured above, said: “I’m pleased to see that the economy of the West Midlands is being recognised as a real opportunity for growth and investment by the launch of this fund.
“However, many businesses in Staffordshire don’t access bank finance as a way of super-charging their business growth. With this targeted approach, I encourage businesses to talk to their bank manager – of whatever bank – and see what’s available.
“There are funds around now for green growth, funds for women in business and the British Business Bank has start-up funds too – so please ask!”
Business and Trade Minister Kevin Hollinrake welcomed the setting-up of the HSBC UK fund, commenting: “British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience in the face of challenging circumstances.
“Through the British Business Bank, the Government is helping more businesses to access the finance they need to start, scale and grow. It is great to see HSBC doing their bit to back business through their SME lending fund and other support services.”
- The HSBC launched its SME Fund in 2014 and over the years has supported businesses with more than £90 billion lending.
