HSBC launches £150m loan fund for SMEs in Essex and Suffolk
- Credit: Archant
HSBC has launched a package of support for small and medium-sized enterprises (SMEs) in Essex and Suffolk, including a £150million SME fund.
It is one of more than 40 funds to support smaller firms across the country and is worth £50m more than a similar fund launched by HSBC last year.
The funds are immediately available to SMEs in Essex and Suffolk, with arrangement and security fees on qualifying business loans of between £1,000 and £300,000 being waived or refunded through to the end of July.
HSBC says this is designed to make it easier and cheaper to borrow, representing a potential saving of hundreds of pounds for the average small business.
Besides the loan fund and fee concessions, the package of support also includes 18 months of fee-free business banking for start-ups or 12 months for existing SMEs which switch to HSBC, plus local workshops to help SMEs grow.
Kevin Thorn, HSBC’s area director of business banking in Essex and Suffolk, said: “Today we are announcing our largest ever package of support for SMEs in Essex and Suffolk including a £150m fund for lending and a promotion designed to make it cheaper and simpler to access funding. SMEs in Essex and Suffolk are ambitious and we are open for business and ready to help them invest to grow.
“Too often I hear customers say they weren’t aware just how closely HSBC works with SMEs and start-ups in Essex and Suffolk. We want to change that perception and reaffirm our commitment to businesses of all sizes.”
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Ian Stuart, head of HSBC’s UK commercial bank, added: “We’re hugely proud of our unique international network, but it’s vital that businesses across the country, from start-ups and sole traders upwards, know that HSBC is there to support them.
“We currently approve more than 85% of loans, and our net lending to business is up in 2015 – but we want to do even more. This fund is an aspiration, not a limit, on our ambitions, and removing fees from our business loans could save hundreds of pounds for the average firm.”