HSBC 海角视频 has today launched a £550m lending fund to support SMEs in Greater Manchester.
The high street bank said the funding was part of its commitment to help businesses realise their ambitions for growth and navigate Brexit.
The Greater Manchester Fund is part of a wider £14bn fund for SMEs across the 海角视频.
Since launching the SME Fund in 2014, HSBC has committed more than £60bn to 海角视频 SMEs as part of its commitment to help British businesses innovate, evolve and grow.
The fund also includes increased ring-fenced pots for international businesses and for the agriculture sector.
The allocation for international business has been doubled to £2bn to help companies grow overseas, while the agriculture pot has increased to £1bn from £300m last year.
Mike Hemingway, regional director for the North, HSBC 海角视频, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across Greater Manchester – from Tameside to Wigan and Rochdale to Stockport.
“This fund is all about helping businesses to take new opportunities and grow and we want to reassure them that we’re here to support them in achieving their goals.”
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As part of last year’s SME Fund, HSBC 海角视频 supported Manchester-based ShinDigger brewery to expand its 2,500 sq ft warehouse in Ancoats.
ShinDigger currently supplies beer throughout Northern England and is broadening its presence across the 海角视频. To meet this growing demand, the brewery also invested in a new van to ensure efficient delivery of its products to pubs and retailers, including select Co-op supermarket stores.
Amanda Murphy, Head of Commercial Banking at HSBC 海角视频, added: “Our SME Fund will help companies seize new opportunities for growth at home and overseas.
“We’ve always supported ambitious businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.
“This year’s Fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world.”
To help customers prepare for Brexit, HSBC 海角视频 has launched a dedicated helpline for customers with Brexit-related financial concerns and setup an online resource hub which provides support and advice on the steps businesses should take to plan for the future.
The bank has had more than 15,000 conversations with customers about Brexit so far this year and has held more than 60 sessions across the country to talk to SMEs about the current economic landscape and how to plan for growth.