HSBC and Bibby agree €150m line to support small businesses across Europe
Commercial finance specialist Bibby now has €1.1bn available to lend to small firms and has said Brexit will not impact its investment activity
Small businesses across Europe are to get a boost with news that Bibby Financial Services (BFS) have signed a $150m funding agreement to provide finance to help small firms “invest, recruit and grow”.
BFS, which provides commercial finance products such as invoice lending, has said the three-year deal takes its total available lending amount to €1.1bn; which it will make available to new and existing customers.
HSBC's Dan Howlett has stated that the funding line leaves HSBC “in a prime position to help corporate businesses explore these domestic and global opportunities”. Back in April, HSBC announced a £10bn fund – the bank's largest to date – in a move to make it easier for small businesses to access finance.
BFS international CEO, Steve Box, said of the news:
“Our aim is to continuously grow our funding support for businesses, working closely with our banking partners to fuel economic growth throughout Europe.
“Businesses across the world are becoming more aware of the range of financing options available and our new funding availability will enable us to respond to an increasing demand for receivables and trade finance.”
Box also said that the deal shows its commitment to investing in businesses, regardless of the recent Brexit result:
“The UK’s vote to leave the EU will not impact our commitment to supporting our clients’ businesses. It is very much business as usual for us and we will continue to support small and medium-sized enterprises, wherever they are, through our relationship-based approach and specialist funding solutions.”
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