HSBC announces £650m funding to support Scottish SMES

HSBC UK has upped its financial support for Scottish small and medium-sized enterprises (SMES) to £650 million to help small firms expand. The group announced the £650m lending fund for SMES north of the Border as part of a wider £12 billion fund for SMES across the UK.

Now entering its fifth year, the bank’s dedicated SME Fund for 2018 is its largest to date, with an additional £2bn compared to last year. In Scotland the fund has increased by £150m since 2017.

For the first time, it includes a ring-fenced £1bn to support overseas growth, after the group’s research revealed that 72 per cent of UK businesses expect their cross-bor- der trade to increase this year.

Amanda Murphy, head of commercial banking at HSBC UK, said: “This increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth. British companies are optimistic about their trade growth prospects but it’s important they can get the finance they need to achieve it.”

Mike Hemingway, HSBC UK’S regional director for the north, added: “This latest fund highlights HSBC UK’S unwavering commitment to supporting the growth of SMES right across Scotland, no matter whether they’ve just started out or are an already established business.”

The 2018 fund brings the total committed to SMES over the past five years to £46bn. 0 Amanda Murphy, HSBC UK’S head of commercial banking