Funding news - 28/02/2012
HSBC Launches £4 Billion International Trade Fund for SMEs
The new HSBC International SME Fund is designed to support the growth of small and medium-sized UK businesses that trade internationally.
Through the scheme, HSBC will provide credit to companies as a means for them to extend their operations abroad. The bank believes that even the smallest businesses are likely to become multinational in the future.
A total of £4 billion worth of credit will be available through the scheme. Individual funding allocations to be awarded per applicant have yet to be stipulated.
UK-based small and medium-sized enterprises that are planning to trade or expand their operations in emerging international markets such as India and China may apply. The Fund will be available to those businesses with a turnover of up to £25 million.
Interested parties can find out how to access the funding by speaking to their HSBC Commercial Manager, who will discuss finance and borrowing options to help the applicant’s business trade overseas.
Alan Keir, HSBC Group Managing Director, Global Head of Commercial Banking, said:
"The latest HSBC forecast shows a positive long term outlook for UK businesses. Trading internationally will be critical for not only the British companies who want to remain competitive in the future, but it is also critical to the UK economy. HSBC is committed to increasing lending to UK SMEs in 2012 and the launch of the new £4 billion HSBC International SME Fund highlights specific support to help SMEs to grow through global trade activity and support for the wider UK economy.
"Tapping into the new opportunities and considering partners outside of British borders is just one tactic for businesses competing on a global stage. The HSBC forecast highlights some growing UK sectors that are set to thrive with increased demand particularly from a skills and specialism perspective from emerging markets and existing trade partners and we want to help businesses make the most of this opportunity."
The Fund is yet to formally launch and at this stage no application deadlines have been announced.
Source: HSBC, 26/02/12