HSBC UK Announces £12 Billion Loan Fund for UK SMEs
HSBC UK has announced a £12 billion lending fund to support the UK’s small and medium-sized enterprises (SMEs). The bank’s dedicated SME Fund has increased by £2 billion, following a £10 billion package of support in 2017.
The Fund includes a ring-fenced minimum pot of £300 million to support the UK's agriculture businesses. It also includes a ring-fenced £1 billion to help UK companies grow their business overseas, as well as a broader package of support.
Ensuring the Fund remains UK-wide in its support of ambitious companies, it will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland.
The initiative is available to UK businesses with a turnover of up to £350 million. Applicants do not need to be an HSBC customer to apply.
HSBC UK's 2018 SME Fund and broader package of support includes:
* A £12bn UK-wide fund for SMEs, allocated regionally across the UK
* A free banking offer of up to 18 months for start-ups and 12 months for switchers
* A 12 month fixed-price monthly tariff to commence at the end of a customer's initial free banking period
* A Personal Guarantee Fee from just £10 for any lending facility above £10,000
* An arrangement fee of £100 for Small Business Loan of up to £25k
* The Business Lending Eligibility Checker (BLEC) - an online tool offering potential new customers and existing customers a credit decision in principle for loans of up to £30,000 in under two minutes
* A free text alert service for informal overdrafts, which will help customers avoid paying informal overdraft fees and interest
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