HSBC launches £8bn fund to help UK small businesses
Ambitious new package will offer fee-free banking and includes plans to run 300 new small business workshops nationwide
HSBC has launched an £8bn national fund to support small and medium-sized companies, and help those looking to start new businesses.
The fund will be allocated in 43 local tranches of between £150m and £400m for areas outside London, and a £2.1bn fund for the capital.
Additionally, the bank will remove arrangement and security fees on loans between £1,000 and £300,000 until 31 July, and provide 18 months of fee-free business banking for start-ups and 12 months free for businesses wh3o switch.
The package is part of HSBC’s bid to support the estimated one million small businesses that have accounts at the bank, and also includes plans to run 300 nationwide workshops aiming to support 10,000 ambitious companies.
The announcement comes a week after rival high street bank Barclays announced the launch of a £100m fast growth tech fund.