HSBC announces £150 million fund for SME's in Liverpool and Cheshire
HSBC has launched its most ambitious
package of support for Liverpool and Cheshire's small and medium sized companies
(SMEs), including a £150 million SME fund, 1 of more than 40 funds to support
smaller firms across the country.
The newly announced fund is HSBC's largest yet; £50 million more than last
year's successful SME fund. The funds are immediately available to SMEs in
Liverpool and Cheshire.
To make it easier and cheaper to borrow, arrangement and HSBC security fees on
qualifying business loans worth between £1,000 and £300,000 will be waived or
refunded through to the end of July. This could save the average small business
hundreds of pounds on borrowing costs.
Barry Millar, Area Director of Business Banking in Liverpool and Cheshire,
said:- "Today we are announcing our largest ever package of support for SMEs in Liverpool and Cheshire including a £150 million fund for lending and a
promotion designed to make it cheaper and simpler to access funding. SMEs in
Liverpool and Cheshire are ambitious and we are open for business and ready to
help them invest to grow.
Too often I hear customers say they weren't aware just how closely HSBC works
with SMEs and start ups in Liverpool and Cheshire. We want to change that
perception and reaffirm our commitment to businesses of all sizes."
Ian Stuart, Head of HSBC's UK Commercial Bank, said:- "We're hugely proud
of our unique international network, but it's vital that businesses across the
country, from start ups and sole traders upwards, know that HSBC is there to
support them. We currently approve more than 85% of loans, and our net lending
to business is up in 2015, but we want to do even more. This fund is an
aspiration, not a limit, on our ambitions, and removing fees from our business
loans could save hundreds of pounds for the average firm."
HSBC's package of support is now available to all Liverpool and Cheshire SMEs
and they say that it includes:-
► A £150 million fund for lending to SMEs in Liverpool and Cheshire.
► No arrangement or HSBC security fees on any business loans up until 31 July
2015, potentially saving borrowers hundreds of pounds.
► 18 months of fee free business banking for start ups, and 12 months for
existing SMEs who switch.
► Local workshops to help local SMEs grow and prosper.
But as with all things banks offer, check the small print before going ahead. Also be aware that HSBC charges ridicules fees for things like cashing in international cheques, so if you do international trade, beware of that. So as with anything shop around and get the best deal for your business, and don't just think short term, think long term. As you never know what might happen down the road, so put in place a fall back plan, just in case you find you are struggling with repayments.
