£700m fund to support SMEs in South West

It was good news to learn that HSBC has launched a £200m fund which is set to support ‘small and medium sized enterprises’ (SMEs) in the South West region. For the full story please read the bulletin below which was issued today by Insider Media Ltd.

Roger Mundy, Managing Director, Beardsley Theobalds. 16th June 2017

 

 

£700m South West SME fund launched

HSBC has launched a £700m fund designed to support small- and medium-sized enterprises (SMEs) in the South West.

A £500m fund has been made available to SMEs in Bristol, Bath, Gloucestershire and Wiltshire, together with £200m for those in Devon, Cornwall and Somerset.

The investment is part of a wider £10bn package for SMEs across the UK which has been launched today (16 June) by the bank.

Nigel B Davis, HSBC’s regional director for the Western and Wales region, said: “The launch of this fund reaffirms our commitment to support the growth of Welsh SMEs of all sizes, from start-ups to established businesses.

“We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”

The new investment follows a similar £700m package launched last year. Companies to benefit from the 2016 fund included Bristol-based heavy plant business Molson, which secured an £18m finance package to help it to become one of the largest suppliers of Korean and Japanese excavators in Europe.