HSBC announces £400m fund for SMEs in Bristol and Bath

HSBC has announced a £400million loan fund for small and medium-sized businesses in Bristol and Bath.

The money is part of a wider £15billion package made available by the bank to boost local economies and spur growth across the country.

The fund also includes earmarked funds for companies trading internationally (£2bn), in the agriculture sector (£1.2bn), the technology sector (£500m) and franchise businesses (£500m), HSBC said.

Since launching the SME Fund in 2014, HSBC has lent more than £90bn to companies including Bristol-based sports and lifestyle distributor Shiner. The company received a six-figure cash injection last year to expand into the European market and add a Dutch subsidiary to its operations.

Small Business Minister Paul Scully said: “This additional funding builds on the support available through government programs such as Help to Grow and Start Up Loans to help small businesses grow and reach their full potential. .”

Peter McIntyre, head of corporate banking at HSBC UK, said the bank’s fund would support “key sectors” and boost investment in the regions.

He added: “We want to make a meaningful contribution to economies across the country, boosting jobs, local wealth and growth by providing financing, when and where it is most needed. We know our customers innovate. and adapt to the pace and UK businesses need their bank to be flexible, supporting future growth opportunities.

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