HSBC UK launches £400 million SME fund for Tyneside and Cumbria

A £400 million lending pot has been launched to supercharge SME growth.

HSBC UK is rolling out a funding drive it says will support local economies and employment opportunities across Tyneside and Cumbria.

Part of a wider £15 billion national venture by the bank, bosses say it will “help British businesses innovate, thrive and grow in the UK and internationally”.

Peter McIntyre, HSBC UK head of business banking [pictured above], said: “SMEs are vital to the UK economy, and our customers have told us they are ready to invest for growth.

“The £15 billion fund will help businesses expand internationally, as well as here in the UK, supporting key sectors and driving investment across the regions.  

“We want to make a significant contribution to economies across the country, driving employment, local wealth and growth by providing funding when and where it’s needed most.

“We know our customers are innovating and adapting at pace and British businesses need their bank to be flexible, supporting future growth opportunities.”

Liz Barclay, small business commissioner, added: “The challenges facing small businesses are beyond imagination.

“The problems caused by poor payment practices, such as late or delayed payments and extended payment terms, pile pressure on cash flow.

“Small firms are the lifeblood of the economy, and they must be paid fast and fair, and if they are to have the confidence to invest and build the resilience, they’ll need to weather the storms ahead and they will need the support of funds like this more than ever.”