HSBC announces £150 million fund for SMEs in South Yorkshire

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HSBC has today launched its most ambitious package of support for South Yorkshire’s small and medium-sized companies (SMEs), including a £150 million SME fund, one of more than 40 funds to support smaller firms across the country.

  • New £150 million SME fund launched in South Yorkshire
  • Arrangement and HSBC security fees removed on business loans to 300k
  • HSBC launches its most ambitious package of support for UK SMEs

The newly announced fund is HSBC’s largest yet – £50 million more than last year’s successful SME fund. The funds are immediately available to SMEs in South Yorkshire.

To make it easier and cheaper to borrow, arrangement and HSBC security fees on qualifying business loans of between £1,000 and £300,000 will be waived or refunded through to the end of July. This could save the average small business hundreds of pounds on borrowing costs.

Paul Howell, Area Director of Business Banking in South Yorkshire, said:

Today we are announcing our largest ever package of support for SMEs in South Yorkshire including a £150 million fund for lending and a promotion designed to make it cheaper and simpler to access funding. SMEs in South Yorkshire are ambitious and we are open for business and ready to help them invest to grow.

Too often I hear customers say they weren’t aware just how closely HSBC works with SMEs and start-ups in South Yorkshire. We want to change that perception and reaffirm our commitment to businesses of all sizes.

Ian Stuart, Head of HSBC’s UK Commercial Bank, said:

We’re hugely proud of our unique international network, but it’s vital that businesses across the country, from start-ups and sole traders upwards, know that HSBC is there to support them. We currently approve more than 85 per cent of loans, and our net lending to business is up in 2015 – but we want to do even more. This fund is an aspiration, not a limit, on our ambitions, and removing fees from our business loans could save hundreds of pounds for the average firm.

HSBC’s package of support is available to all South Yorkshire SMEs from today. It includes:

  • A £150 million fund for lending to SMEs in South Yorkshire
  • No arrangement or HSBC security fees on any business loans up until 31 July 2015, potentially saving borrowers hundreds of pounds
  • 18 months of fee-free business banking for start-ups, and 12 months for existing SMEs who switch
  • Local workshops to help local SMEs grow and prosper