HSBC announces £6bn growth fund for UK businesses
Bank to roll-out funding to small and medium-sized firms across its 52 business centres
HSBC has today announced it is to make £6bn available to small and medium businesses in a new growth fund which will be rolled out across the UK.
The funding, which will be distributed locally through the bank’s 52 business centres, is intended to support Britain’s economic recovery and will be open to both new and established small and medium companies with turnover up to £30m.
The launch coincides with HSBC’s new report on business growth which estimates 2014 will be a positive year for British business with a predicted 7.1% increase in fixed investment, machinery, premises and stock, an increase on the pre-recession average annual investment growth of 3.6%.
Head of business banking for HSBC, Amanda Murphy, discussed the aims of the £6bn fund:
“Ambitious British businesses are saying they are going to invest this year and get on with growing. We want to support their ambitions by significantly increasing our net lending to businesses.
“We are helping more than 6,100 businesses start up every month, and want to support our hard working small and medium business owners on their drive for growth.
“We have put the funds into the hands of our local relationship managers to empower them to identify and work with ambitious companies in their area.”