Australia (AU)
Read time: 2 minutes
HSBC is investing £500m in the UK tech sector through its 2022 £15bn lending fund for small and medium-sized businesses (SMEs).
Fund will also be allocated through:
- £500m for franchise businesses,
- £1.2bn in agriculture
- A whopping £2bn for internationally trading businesses.
The £15bn fund adds to the $1bn lending fund and support programme HSBC revealed last month for funding female entrepreneurs.
The SME fund is joined by the £250m Grow Lending Fund aimed at high-growth tech businesses to help them scale.
One Recipient of the 2021 SME fund is Eco Charger, an electric quad bike startup based in Devon. Eco Charger used the funding to shoot up production and investment in their supply chain.
HSBC’s annual SME fund has lent over £90bn since 2014 and clearly shows no sign of slowing down.
Currently, SMEs represent three-fifths of UK employment and around half of UK private sector turnover. These figures are derived from the FSB.
Small business commissioner statement
Liz Barclay, the Uk’s small business commissioner had the following to say:
“Small firms are the lifeblood of the economy, and they must be paid fast and fair, and if they are to have the confidence to invest and build the resilience, they’ll need to weather the storms ahead and they will need the support of funds like this more than ever,”
SMEs minister statement:
Paul Scully the UK’s SME minister had the following to say:
“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,”
HSBC head of business banking statement:
Peter Mclyntre, HSBC UK’s head of business banking said the following:
“We want to make a significant contribution to economies across the country, driving employment, local wealth and growth by providing funding, when and where it needed most,”
Who We Are:
Swanson Reed is one of the UK’s leading R&D Tax Relief consultancies. We manage all facets of the SR&ED tax credit program, from claim preparation and audit compliance to claim disputes.
If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.
