HSBC has unveiled a £15bn lending fund for UK SMEs, with £500m funding dedicated specifically to the technology sector. The bank has further fenced off lending for overseas trading firms (£2bn), agriculture (£1.2bn) and franchise businesses (£500m).
The regional breakdown for the HSBC SME fund is: London £3bn; Midlands £2.7bn; North £3.3bn; South £4bn; Wales £750m; Scotland £1bn; Northern Ireland £250m.
Peter McIntyre, head of business banking, HSBC UK, said: “HSBC UK package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.” Research by the bank suggests that 36% of UK businesses are changing plans to combat current financial problems.
Read more here