HSBC has launched a £10 billion lending fund to support SMEs in the UK. The fund is the largest package of support to be announced by HSBC for UK SMEs.

HSBC’s Head of UK Commercial Banking, Ian Stuart said: “SMEs are the lifeblood of the UK economy and at HSBC we are committed to providing the finance and support they need to realise their business goals. The launch of the £10bn fund signals our aspiration to lend more to UK SMEs of all sizes.

Small Business Minister, Anna Soubry said: “We have a record number of small businesses driving our growing economy and while the picture is improving, access to finance remains an issue for many of them. It’s absolutely right that banks such as HSBC continue to develop their support for smaller businesses.”