HSBC has launched a £10bn lending fund specifically aimed at small and medium-sized businesses (SMEs) in the UK.
It is the largest package of support to be announced by HSBC for UK SMEs and puts a lot of emphasises on encouraging small businesses to feel confident about exploring opportunities for export.
A 2016 Federation of Small Businesses (FSB) 'Destination Export' Report revealed that 21% of small businesses currently export, but there is potential to double this figure with the right support. It also highlighted that culture, not to mention the availability and affordability of finance, remained a challenge for SME exporters.
Amanda Murphy, head of commercial banking at HSBC UK, said: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.
“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”
Ian Stuart, UK CEO of HSBC added: “The launch of this £10bn fund reaffirms our commitment to support the growth of UK SMEs of all sizes, from start-ups to established businesses.
“The UK is home to a diverse range of SMEs across established and emerging sectors, operating in their regional markets or looking to trade internationally."