HSBC has launched its most ambitious package of support for the South West Midlands’ small and medium-sized companies (SMEs), including a £150 million SME fund, one of more than 40 funds to support smaller firms across the country.
The newly announced fund is HSBC’s largest yet – £50 million more than last year’s successful SME fund. The funds are immediately available to SMEs in the South West Midlands.
To make it easier and cheaper to borrow, arrangement and HSBC security fees on qualifying business loans of between £1,000 and £300,000 will be waived or refunded through to the end of July. This could save the average small business hundreds of pounds on borrowing costs.
Andy Willett, HSBC Area Director of Business Banking in the South West Midlands, said: “ We are announcing our largest ever package of support for SMEs in the South West Midlands including a £150 million fund for lending and a promotion designed to make it cheaper and simpler to access funding. SMEs in the South West Midlands are ambitious and we are open for business and ready to help them invest to grow.
“Too often I hear customers say they weren’t aware just how closely HSBC works with SMEs and start-ups in the South West Midlands. We want to change that perception and reaffirm our commitment to businesses of all sizes.”
Gary Woodman, Executive Director of Worcestershire Local Enterprise Partnership, said: “Worcestershire was named as the 3rd highest performing region in terms of economic growth over recent years and this is partly as a result of the success of our SME businesses. It is good news that HSBC are putting in place measures through this fund to support the ambitions of our county’s smaller and medium businesses.”
HSBC’s package of support is available to all South West Midlands SMEs from May. It includes:
- A £150 million fund for lending to SMEs in the South West Midlands
- No arrangement or HSBC security fees on any business loans up until 31 July 2015, potentially saving borrowers hundreds of pounds
- 18 months of fee-free business banking for start-ups, and 12 months for existing SMEs who switch
- Local workshops to help local SMEs grow and prosper
For further information on the fund, contact Andrew Willett by emailing andrewwillett@hsbc.com or by phoning 07771 841842.