HSBC has unveiled a £15bn lending fund for UK SMEs, with £500m funding dedicated specifically to the technology sector.
The bank has further fenced off lending for overseas trading firms (£2bn), agriculture (£1.2bn) and franchise businesses (£500m).
The regional breakdown for the HSBC SME fund is:
- London £3bn
- Midlands £2.7bn
- North £3.3bn
- South £4bn
- Wales £750m
- Scotland £1bn
- Northern Ireland £250m
Peter McIntyre, head of business banking, HSBC UK, said: “HSBC UK package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.”
Research by the bank suggests that 36% of UK businesses are changing plans to combat current financial problems.
It appears to be the latest effort from the bank to be at the heart of UK business financing, with it snapping up Silicon Valley Bank UK for just £1 in March.
“British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience in the face of challenging circumstances,” said Business and Trade Minister Kevin Hollinrake.
The bank will rebrand its purchase to “HSBC Innovation Banking” and is expected to show it off at London Tech Week.