HSBC launches £15B lending fund for UK SMEs

HSBC UK Bank PLC launched a £15 billion fund to help support British small and medium-sized enterprises.

The fund will allocate more than £10 billion in specific regions to ensure lending to businesses across the U.K., according to a March 10 statement.

Businesses that trade internationally can tap £2 billion in increased ring-fenced pots, while businesses in the agriculture sector can access £1.2 billion. Tech and franchise businesses, meanwhile, can access new ring-fenced pots of £500 million each, the bank noted.

The fund will help businesses to expand locally and internationally, Peter McIntyre, head of small business banking at HSBC UK, said.

The HSBC Holdings PLC unit has lent more than £75 billion to British SMEs since it launched the SME fund in 2014, it noted.