Member Article

HSBC ambitions to approve 80% of SME applications

HSBC has published figures showing it has provided £771m of gross new lending to North East SMEs, during the first half of the year.

The Commercial Banking arm say gross lending to SMEs in the region was up on the same period last year, as the North East is the bank’s third largest region in terms of new lending.

50,000 businesses were said to have used their lending facilities in the region, and across the country, £6.3bn of gross new lending was provided to SMEs.

The bank now says it is aiming to approve at least 80% of applications for finance from SMEs.

David Beaty, HSBC Regional Commercial Director for the North of England, said: “At a time when many other lenders are contracting their lending, we remain committed to helping more small and medium-sized companies in the North East to achieve their ambitions.

“The increase in gross new lending during the first half of the year demonstrates that our doors are open for business, and we urge businesses to come and talk to us about their plans as we are in a strong position to help.

“We have seen an increase in the number of customers in the North East trading internationally and we expect this to continue as UK businesses look to access growing markets around the world.

“With the amount of international activity carried out by UK companies set to increase by 66% over the next 15 years we expect demand for a truly international banking partner to increase, and HSBC has the expertise, products and global footprint that businesses need to take advantage of future opportunities across the world.”

The bank says it wants to lend more to viable UK SMEs throughout the year, and is launching a £4bn International SME Fund, to support companies with a turnover of up to £25bn that are involved in trading overseas, or aspire to in the future.

HSBC is also expanding its pool of ‘International Commercial Managers’, experts that can advise businesses looking to expand into new markets.

This was posted in Bdaily's Members' News section by Tom Keighley .