Yorkshire SMEs boosted by £710m of new HSBC funding

HSBC is supporting SMEs in Yorkshire fulfil their growth plans through £710m of new funding that was distributed over the past 10 months.

The funding highlights the major investments Yorkshire SMEs are making to grow their businesses, and has resulted in HSBC upsizing its regional SME fund to meet local demand.

HSBC has now issued £710m of new funding to Yorkshire SMEs since the launch of the fund in May 2015, an increase from the £700m that was initially announced.

Phil Look, HSBC’s area director for North Yorkshire, business banking, said: “HSBC launched the fund as a way to reinforce our commitment to supporting SMEs across all areas of the UK. In particular, the demand for finance from Yorkshire SMEs remained consistently high, resulting in HSBC increasing the fund across the region.

“This is significant as regional economies rely heavily on a healthy and growing business sector, supported by investments being made by local SMEs. At HSBC, we are committed to supporting SMEs on this journey and to lending even more throughout 2016.”

Among the Yorkshire businesses to benefit from the SME Fund was Langlands Garden Centre, a York-based family business with operations in Shiptonthorpe and Leeds. With the support of a £900k acquisition loan from HSBC, Langlands acquired Garden Style in Loxley, Sheffield.

The acquisition enabled Langlands to grow within the region and expand its loyalty card programme, adding to its 30,000 loyalty card customers.

Andy Follington, HSBC’s area director for corporate banking in North Yorkshire and the Humber, added: “Langlands is a family-built and run business which has proven to be one of the best in its category for more than 50 years. We are proud to be part of Langlands’ continued progress and to support their growth ambitions in the future.”

The SME fund and regional allocation was developed as part of HSBC’s broader commitment to SMEs and the creation of an £8bn national package - broken down into 43 dedicated areas across the UK.

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