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HSBC has confirmed £750m of new funding to support the growth of SMEs in Wales.

The bank has ringfenced the finance for Wales as part of a £15bn commitment to support SMEs across the UK.

It also includes ringfenced funding from businesses trading internationally (£2bn), in the agriculture sector (£1.2bn) the tech sector (£500m) and franchise businesses (£500m).

Since launching a SME fund in 2014, HSBC has lent more than £90bn.

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Peter McIntyre, head of business banking at HSBC UK, said: “SMEs are vital to the UK economy, and our customers have told us they are ready to invest for growth. The £15bn fund will help businesses to expand internationally, as well as here in the UK, supporting key sectors and driving investment across the regions and nations.

Small Business Minister, Paul Scully said: “This new fund puts HSBC on course to have lent more than £100bn to UK small businesses within a decade, which is a great milestone for HSBC and even better for the communities across the country being helped to thrive

“This extra funding builds on the support available through government schemes like Help to Grow and Start Up Loans to help small businesses grow and reach their full potential.”

By Sion Barry

Source: Business Live

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