HSBC has launched a £10 billion lending fund for SMEs in the UK as it looks to tap into this lively market.
The bank says it continues to be open to lending, having approved 91% of small business lending applications in the last year.
Ian Stuart, UK CEO, HSBC, says: “We want to put SMEs in a stronger position to make investments that will stimulate local economies and create more jobs.”
It states that a key focus of this year’s fund is to encourage more export. HSBC cites a 2016 report by the UK’s Federation of Small Businesses (FSB) which noted that one in five (21%) of small businesses currently export, but “there is potential to double this figure with the right support”.