HSBC CREATES £8BN UK SMALL BUSINESS FUND
HSBC has set aside £8bn to lend to small and medium-sized businesses in the UK.
The bank’s small and medium-sized enterprises (SME) loan offering will reach 43 areas of the country, with Scotland, Birmingham and Manchester, receiving at least £400m each.
Ian Stuart, head of HSBC’s UK commercial banking, told The Telegraph: “We’re always keen to help out firms that manufacture here, as it’s important to the UK economy.”
Fees on qualifying business loans worth between £1,000 and £300,000 will be waived or refunded through to the end of July in order encourage businesses to seek out the funding.