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New SME Funding from HSBC

We’ve all seen the HSBC television adverts with the girl and the international lemonade stand. Their philosophy is that is in the future, businesses of all shapes and sizes will be trading internationally. HSBC recently proved that they’re putting their money where their mouth is when it comes to SME funding.

The HSBC International SME Fund will offer more than £4bn to small and medium businesses who are trading or are looking to trade on the international market. This is available to businesses with a turnover of up to £25m, and so targets SMEs specifically.

With huge new markets emerging in China, India and Latin America, this makes business sense for many UK companies. HSBC believes international trade will be vital for UK companies to remain competitive in an increasingly globalised business climate.

The launch of HSBC’s funding plans coincides with their report that UK exports to China grew by 21% and those to India grew by 37% in 2011. The bank also expects UK overseas trade to expand by 59% over the next fifteen years. 

Alan Keir, HSBC’s head of commercial banking, said ‘The latest HSBC forecast shows a positive long-term outlook for UK businesses. Trading internationally will be critical for not only he British companies who want to remain competitive in the future, but it is also critical to the UK economy.’

‘HSBC is committed to increasing lending to UK SMEs in 2012 and the launch of the new £4bn HSBC International SME Fund highlights specific support to help SMEs grow through global trade activity and support for the wider UK economy.’

The Federation of Small Businesses (FSB) has said that this step is positive news, as strengthening export trade is likely to be a vital route out of recession.

However, SMEs are still being turned down for lending, and often the terms of such agreements can be prohibitive. It may be worth exploring different routes to business funding as well as taking advantage of schemes such as this from HSBC.

 

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