HSBC’s new fund for SMEs in Wales
A NEW £500m fund targeted at supporting the growth of SMEs in Wales has been launched by HSBC.
The finance is part of a wider £10bn fund for SMEs across the UK.
Nigel B Davis, HSBC’s regional director for Wales, said: “The launch of this fund reaffirms our commitment to support the growth of Welsh SMEs of all sizes, from start-ups to established businesses.
“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”
A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export. A 2016 FSB Report noted that one in five (21%) small businesses currently export, but there is potential to double this figure with the right support.
Amanda Murphy, head of commercial banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.”
Powys-based manufacturer Cellpath was one of many Welsh firms to benefit from last year’s SME Fund.
The business, which supplies cellular pathology products and services, secured a £565,000 finance package from HSBC to extend its site in Newtown, enabling the firm to develop its business in the UK and export to over 40 countries worldwide.