Member Article

HSBC allocates £100 million lending for North East firms

A new funding pot worth £100 million will be available to North East SMEs, HSBC have announced.

The Bank’s new fund follows a report highlighting national sentiment that suggests an increase in fixed investments is on the way in 2014.

It is part of a £6 billion allocation across its regional network of 52 local business centres.

Pat Dellow, Tyne & Tees area commercial director, HSBC said: “We’re definitely seeing an increase in business confidence. The local economy is considerably more buoyant, the lending proposals we’re receiving are more robust, and the overall increase in support we’re providing reflects the fact that local businesses are investing in their future.

“We’re seeing companies accessing finance for new plant and machinery, and actively increasing their stock levels. The increase in requests for support with the purchase of premises that have been traditionally leased is another positive indicator that confidence is returning.

“The businesses experiencing the fastest growth are undoubtedly those who are growing their markets outside of the UK, with the oil and gas market particularly performing well. Domestically, we’re seeing an uplift in businesses breaking into new sectors with new concepts, particularly in the renewables sector.

“For those businesses which have strong management teams, and robust forecasts for achieving growth, our message is that the support is there. With all the indicators looking good, and there is advice and help available to help businesses fulfil their growth aspirations.”

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