HSBC launches £300m fund for Cumbria and north east
Banking giant HSBC has launched a £300m lending fund to SMEs in Cumbria and the Tyne Tees area.
This is part of a wider £10bn fund for smaller firms across the UK.
The launch comes after the bank approved more than 90 per cent of the small business lending applications it received in the last year.
Mike Hemmingway, regional director for the north, said: “The launch of this fund reaffirms our commitment to support the growth of Tyne Tees and Cumbrian 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 focus of the fund is to encourage small businesses to feel confident about exploring opportunities for export. A Federation of Small Businesses (FSB) report published earlier this year suggested that double the number of SME which currently export had the potential to do so.
Amanda Murphy, head of commercial banking, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”