In a bid to contribute to Britain’s economic growth, a major UK bank has announced the launch of a £500 million funding pot for SMEs.
Last week, HSBC dedicated the £500 million funding pot to West Midlands SMEs in a move to allocate £6 billion of new lending facilities across its network.
Amanda Murphy, Head of Business Banking for HSBC, said: “Ambitious British businesses are saying they are going to invest this year and get on with growing.
“We want to support their ambitions by significantly increasing our net lending to businesses this year. We are helping more than 6,100 businesses start up every month, and want to support our hard working SME business owners on their drive for growth.”
HSBC also published a new report last week called ‘Business of Growth’ in conjunction with the funding pot, which claims 2014 will be a turning point for ambitious businesses in the West Midlands.
The bank identified Britain’s business growth potential for 2014 by incorporating analysis of 39 separate forecasts of GDP and investment.
The report also highlights the constant upwards revision of GDP growth over the last 12 months. The UK economy’s outperformance of the Eurozone and a rise of business confidence are seen as apt surroundings for growth.
The analysis itself is supported by the bank’s own experience, where new term lending us up 16 per cent year-on-year, and the overall value of lending that is being approved is even higher, at 37 per cent over the same period.