HSBC LAUNCHES £200 MILLION FUND TO SUPPORT SURREY
29th June 2017
***£200m fund available to SMEs in Surrey *** ***Part of UK wide £10bn HSBC SME fund*** ***HSBC approves nine out of 10 small business lending applications***
HSBC has launched a £200 million lending fund to support small and medium-sized enterprises (SMEs) in Surrey, as part of a broader commitment to helping British businesses realise their ambitions for growth.
The fund is part of a wider £10bn fund for SMEs across the UK which has also been launched today.
HSBC continues to be open to lending, having approved 91% of small business lending applications in the last year.
Brian Weare, HSBC’s Regional Director for the South East region, said: “The launch of this fund reaffirms our commitment to support the growth of Surrey 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 there is 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.
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”
Guildford-based jewellery shop, Harrington Brookshaw, was one of many Surrey firms to benefit from last year’s SME Fund. Harrington Brookshaw, run by local jewellers Andrew Brookshaw and Paul Harrington, secured a £300,000 funding package from HSBC to open its new shop, enabling the company to fit out and stock the premises and hire new employees.
With a geographic network covering more than 90% of global trade and capital flows, HSBC is uniquely placed to help businesses to understand the available markets and overcome the obstacles to growth. HSBC’s 2017 SME Fund and broader package of support includes:
- A £10bn UK-wide fund for SMEs, allocated regionally across the UK. • A free banking offer of up to 18 months for start-ups and 12 months for switchers. • A fixed-price £5.50 monthly account tariff to commence at the end of a customer’s initial free banking period. • A Personal Guarantee Fee of just £10 for any lending facility above £10,000. • The Business Lending Eligibility Checker (BLEC) – an online tool offering potential new customers a credit decision in principle for loans of up to £30,000 in under two minutes. • A free text alert service for informal overdrafts, which will help customers avoid paying informal overdraft fees and interest. • Services such as the Parental Leave Support Package help our customers to grow their business, knowing they can be prepared for changes in their business. • Access to HSBC Connections Hub to help our customers connect, and build relationships, with HSBC Business customers from across the globe.
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