UK businesses need a robust range of financial support, now more than ever. Which is why HSBC UK has launched a £15 billion SME Fund today.
2020 was a challenging year for businesses but with the vaccine rollout there is light at the end of the tunnel, and businesses are starting to look ahead again.
Our most recent Navigator research found that British businesses felt a greater impact of COVID-19 compared to firms globally, and the issues that small businesses face have truly been brought to the fore.
Businesses are operating in a very different environment today than they were a year ago, and while this has certainly brought new risks, it has also provided an impetus for rethinking processes, reviewing relationships, adopting new technology or prioritising sustainability.
We know our customers are innovating and adapting at pace, and British businesses tell us that through these uncertain times they need their bank to be flexible, provide funding when they need it most and to support future growth opportunities.
That’s why we have launched a record £15 billion lending fund to support small and medium-sized enterprises (SMEs) across the UK, as part of our commitment to help British businesses innovate and grow as the country looks to rebound from the Covid-19 health crisis.
The Fund, which includes more than £10 billion of specific regionally focused allocations will seek to ensure that companies throughout the country can benefit. It will support regional economies, help to provide employment opportunities and drive growth.
This year’s Fund also includes increased ring-fenced pots for businesses trading internationally (£2 billion), the agriculture sector (£1.2 billion), businesses in the tech sector (£500m) and franchise businesses (£500m).
Now it’s time to turn our minds to what comes next and how we help companies grow again, opening up a world of opportunity and contributing towards a sustainable future society.
Our Tomorrow Ready, online resource hub is available to help businesses adapt for today, while preparing for the future. All businesses can access insights and resources to help them improve their cash flow management skills and view our programme of business events, webinars and articles to help them understand the implications of new ways of working, building resilience and exploring export opportunities.
Peter McIntyre, Head of Small Business Banking, HSBC UK
Peter leads the Small Business Banking segment of HSBC UK and is responsible for a team of 850 people serving more than 800,000 customers across the UK via face to face, telephone and digital channels.
Peter joined HSBC in 2010, having previously worked in Lloyds, Barclays and Cattles Invoice Finance. Prior to being appointed as the Head of Small Business Banking, Peter has held a number of senior roles in HSBC; including leading the Receivables Finance and Supply Chain Product globally, heading Trade for UK Commercial Banking and most recently as the Regional Director for Corporate Banking.