HSBC has launched a £200 million lending fund to support small and medium-sized enterprises (SMEs) in Lincolnshire, as part of a broader commitment to helping British businesses realise their ambitions for growth.
The fund, which will lend a total of £400 million across East Anglia, includes £200 million for SMEs in Lincolnshire and The Fens and £200m for those in Norfolk.
It is part of a wider £10 billion fund for SMEs across the UK which was also launched on June 16.
The banking giant has approved 91% of small business lending applications in the last year.
Martin Hanson, HSBC’s Regional Director for Business Banking in the Midlands, said: “The launch of this fund reaffirms our commitment to support the growth of SMEs of all sizes, from start-ups to established businesses in Lincolnshire and Norfolk.
“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”
A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export.
Amanda Murphy, Head of Commercial Banking at HSBC UK, added: “SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting.”