£500m is to be made available to SME’s from today as part of a £10b fund allocated across the UK by HSBC.
The lending fund, which will be aimed at SMEs in Nottingham, Derby and Leicester, amounts to £500m and the company stresses this is the largest package of support to be announced by HSBC for SMEs in the East Midlands – an increase on the £400m fund allocated in 2016. It is part of a wider £10b fund for SMEs across the UK which has also been launched today.
The combined SME fund for Nottingham, Derby and Leicester coincides with the formation of HSBC’s East Midlands Business Banking Team. The newly-merged team will continue to be located across all three offices in each county with several new appointments set to be announced.
Martin Hanson, HSBC’s regional director for the Midlands said: “The launch of this fund reaffirms our commitment to support the growth of East Midlands 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.”