Scotland business

HSBC boosts lending fund for small firms in Scotland

HSBC sign Image copyright PA

Banking giant HSBC has announced a significant increase in its lending fund for small and medium-sized enterprises (SMEs) in Scotland.

The bank is allocating £450m for SME loans north of the border this year - £50m more than in 2015.

It said the increase was in response to growing demand for financing from smaller firms.

The money is part of a £10bn SME lending fund which HSBC is allocating regionally across the UK this year.

HSBC said it was also offering a broader package of support for Scottish SMEs, including a free banking offer of up to 18 months for start-ups.

Susan Rowand, HSBC's head of business banking in Scotland, said: "We want to be the bank of choice for Scottish SMEs, reinforced through our desire to lend more to local businesses, by committing the funds to do so, and by making banking easier and cheaper to help our customers grow.

"There is a strong desire from ambitious local SMEs to grow their businesses, and we are responding by ensuring HSBC is providing the funds they need to realise these ambitions."

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