HSBC has launched a £500 million fund to support small and medium-sized businesses in Leicester, Nottingham and Derby.
The funding is part of a broader £15 billion lending pot to support SMEs across the 海角视频, which the bank says is available to help businesses innovate and fight back from the Covid-19 health crisis.
The national fund includes more than £10 billion of regionally focused allocations, £2 billion for businesses trading internationally £1.2 billion for agriculture and £500 million each for businesses in the tech sector and franchise businesses.
READ MORE: {}
It comes on the back of more than £14 billion in Covid funding that has been lent over the last year.
Roger Pratt, HSBC 海角视频’s regional business banking director for the Central Region, said: “We are committed to supporting businesses in the East Midlands and we know they are adapting at pace and looking at what comes next.
“We recently helped ESP Fitness, a [Loughborough-based] designer and supplier of premium sports and fitness training facilities, as it pivoted its business from B2B to B2C to serve the home fitness market, with the backing of the SME fund.
“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 achieve their goals.”
HSBC said despite the challenging economic environment, almost two-thirds of 海角视频 businesses want to increase investment in the next year, with the focus on four areas – employee well-being, customer experience, cash flow/capital management and security.
Most Read
The banks said almost three-quarters expect to have returned to pre-pandemic levels of profitability by the end of 2022 and a fifth by the end of this year, while around half of companies are projecting sales growth.
Peter McIntyre, head of small business banking at HSBC 海角视频, said: “With the vaccine rollout, there is light at the end of the tunnel and businesses in Leicester, Nottingham and Derby are starting to look ahead again.
“We’ve helped British business get through the last year with over £14 billion of Covid-19 lending support.
“Now it’s time to turn our minds to what comes next and how we help companies grow again, opening up a world of opportunity and contributing towards a sustainable future society.
“The £15 billion fund will help businesses across the Midlands to expand internationally and here at home, support key sectors and drive investment across regions.
“We know our customers are innovating and adapting at pace and British businesses tell us that through these uncertain times they need their bank to be flexible, provide funding when they need it most and to support future growth opportunities and that is exactly what this year’s fund intends to achieve.”
Since launching its SME Fund in 2014, HSBC has lent more than £75 billion to 海角视频 SMEs.
Don’t miss
Philip King, interim small business commissioner said: “SMEs are the backbone of the economy and ensuring they have the ability to invest and grow is of paramount importance.
“The past 12 months have highlighted the issues many small businesses can face, such as late payments causing real hardship to small businesses. Initiatives such as the lending fund will help more businesses to access finance and will help aid business recovery post Covid-19.”