Small and medium-sized businesses in Wellingborough have the opportunity to receive financial support thanks to a regional funding pot issued by HSBC.
The international banking giant last week announced a £200 million lending fund to assist smaller enterprises in Northamptonshire and Milton Keynes as part of their broader commitment to make banking cheaper and simpler for customers.
HSBC allocated £150 million for the Northamptonshire and Milton Keynes region last year, but significantly increased the funding this time round in a bid to cope with business growth.
Martin Hanson, HSBC’s Regional Director for Business Banking in the Midlands, told OneMK: “We want to be the bank of choice for Northamptonshire and Milton Keynes 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.”
HSBC’s 2016 SME Fund and broader package of support for Northamptonshire and Milton Keynes SMEs includes*:
- A £200 million fund available for Northamptonshire and Milton Keynes SMEs
- A free banking offer of up to 18 months for start-ups and 12 months for switchers
- The introduction of year-long fixed-price £5.50 monthly account tariff, to commence at the end of a customer’s initial free banking period
- Changes that will make banking cheaper for our customers: a reduction in the Personal Guarantee Fee from £80 to £10 for any lending facility above £10,000
- The launch of the Business Lending Eligibility Checker (BLEC) – an online tool offering potential new customers a credit decision in principle for loans of up to £30,000 in under two minutes
- A free text alert service for informal overdrafts, which will help customers avoid paying informal overdraft fees and interest.