Small and medium sized businesses Teesside are to be given the chance to get a share of a new £250million lending fund.
The HSBC UK package includes allocated funding for businesses trading internationally , in the agriculture sector the tech sector and franchise businesses.
A national £15bn fund is part of HSBC commitment to support SMEs that may be struggling with Cost of Living challenges including Cost of Living customer webinars, a new Financial Worries and Wellbeing Hub and support for customers showing early warning signs of financial difficulty.
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The HSBC UK package includes a dedicated £ 250,000,000 lending fund for small and medium sized businesses in Tees Valley.
Business and Trade Minister Kevin Hollinrake, who is the Conservative MP for Thirsk and Malton, said: “British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience in the face of challenging circumstances.
British SMEs are vital to our communities, creating jobs and opportunities, and they have shown great resilience.
“Through the British Business Bank, the Government is helping more businesses to access the finance they need to start, scale and grow. It is great to see HSBC doing their bit to back business through their SME lending fund and other support services.”
Peter McIntyre, Head of Business Banking at HSBC UK, said: “SMEs are the lifeblood of the UK economy. During the pandemic, many businesses had to act fast to successfully adapt - and we’re seeing the same resilience again now.
“The UK is home to many fast growing, robust and innovative businesses who, together with the support of their banks, can seize opportunities and become stronger.
“This package of support is designed to give businesses access to the help they need to weather the current challenges they are facing.”
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New research from the financial giant shows a third of UK businesses plan to adapt their strategies to navigate financial challenges over the next six months.
The findings demonstrate how resilient UK businesses are with 29% stating that they had to adapt their business strategy over the past five years to survive – and 12% said this adaptation enabled them to increase their profits.
One in five businesses feel optimistic that business will get better, despite a similar figure reporting that the current challenges were having a worse impact on their business than the COVID-19 pandemic.The research reveals the top three issues currently affecting businesses are rising energy bills, travel costs and rent.
HSBC UK is also offering SMEs a package of products and services, including
- Support for struggling customers
- Capital Repayment Holidays
- Extending CBILS repayment profiles up to 6 years (or 10 years for cases in forbearance)
- BBLS Pay As You Grow scheme
- Reducing fees or interest margins
- Partial or total refinancing or restructuring of a facility
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