HSBC has launched a £15bn fund dedicated to financing the survival and expansion of small and medium-sized enterprises (SMEs) across the country.

The £15bn fund, which equals the largest SME fund HSBC has launched, is available to businesses across the country, with £3bn put aside for SMEs in London.

Across sectors, £2bn will be allocated for SMEs trading internationally while £1.2bn has been put aside for agriculture. An additional £500m each has been earmarked for the tech sector and franchise businesses.

Head of business banking at HSBC UK Peter McIntyre told City A.M. the fund will finance a wide range of activities to reflect the different needs of SMEs.

He said many firms see "a real opportunity" to grow, whether that be overseas or domestically, given the "incredible resilience" of consumer spending.

(c) 2023 City A.M., source Newspaper