HSBC announces £15bn lending fund for UK SMEs

HSBC announces £15bn lending fund for UK SMEs
Dan Martin
Dan MartinDan Martin Content & Events

Posted: Fri 2nd Jun 2023

High street bank HSBC has unveiled a £15bn fund to help small and medium sized enterprises (SMEs) deal with the UK's current challenging economic conditions.

The finance has been allocated to sectors and regions as follows:

  • international trading businesses: £2bn

  • agriculture businesses: £1.2bn

  • franchise businesses: £500m

  • technology businesses: £500m

  • South England: £4bn

  • North England: £3.3bn

  • London: £3bn

  • Midlands: £2.7bn

  • Scotland: £1bn

  • Wales: £750m

  • Northern Ireland: £250m

Businesses are currently facing a range of financial pressures due to the cost of living crisis and high inflation.

HSBC research released to mark the launch of the fund found that 36% of UK businesses are adapting their plans to deal with financial challenges, while a survey by Enterprise Nation earlier this year showed 57% of small businesses intend to access finance.

Founders expect to take on an average of £55,972 in investment, the Enterprise Nation report revealed, which is a 16% increase on the findings from research conducted in the previous quarter.

Peter McIntyre, head of business banking at HSBC UK, said:

"SMEs are the lifeblood of the UK economy. During the pandemic, many businesses had to act fast to successfully adapt, and we’re seeing the same resilience again now.

“The UK is home to many fast growing, robust and innovative businesses who, together with the support of their banks, can seize opportunities and become stronger."

Small business minister Kevin Hollinrake added:

"British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience in the face of challenging circumstances.

“Through the British Business Bank, the government is helping more businesses to access the finance they need to start, scale and grow. It is great to see HSBC doing their bit to back business through their SME lending fund and other support services."

Relevant Enterprise Nation funding resources

Access funding via the Enterprise Nation Finance Hub

Get advice in the Enterprise Nation Cost of doing business hub

Small business funding: How to choose the right type for you

Small business funding: How to use the money you raise

Small business funding: How much money should you ask for?

Dan Martin
Dan MartinDan Martin Content & Events
I'm a freelance journalist and event host who helps small businesses and the organisations that support them. I'm also Enterprise Nation's news reporter and Bristol Local Leader. I have 20 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from famous names like Sir Richard Branson and Deborah Meaden to the founders behind brand new start-ups. I've worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company's blog and social media. I now freelance for Enterprise Nation as the website's news reporter and as the host of the Small Business sessions podcast. I'm based in Bristol where I run and host regular events with the local small business community in my role as Enterprise Nation's Local Leader for Bristol. I also have strong connections with other major business organisations in the south west region. In total, I've hosted over 100 events including conferences with an audience of hundreds for international brands like Xero and Facebook and live web chats from inside 10 Downing Street. With my partner, I co-run Lifestyle District, a lifestyle blog focused on culture, art, theatre and photography.

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