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HSBC Lauch £4billion International Trade Fund

BritCham / CBBC
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HSBC is launching a multibillion-pound fund for small businesses that trade internationally.

The HSBC International SME Fund will provide at least £4bn of lending to small businesses with a turnover of up to £25m. It will be available in the coming weeks.

The launch of the fund follows a year when HSBC provided lending of more than £49bn to UK businesses as part of the government's Project Merlin.

Lending to small businesses also increased at the bank by 15 per cent year on year.

"Trading internationally will be critical for not only the British companies who want to remain competitive in the future, but it is also critical to the UK economy," said Alan Keir, HSBC group managing director and global head of commercial banking.

"HSBC is committed to increasing lending to UK small businesses in 2012 and the launch of the new £4bn HSBC International SME Fund highlights specific support to help companies to grow through global trade activity and support for the wider UK economy.

"The fund also fits perfectly with the bank's strategy to be the leading international trade and business bank."

UK businesses will benefit as international trade growth accelerates from 2014 as the global economy ends a period of growth contraction, according to new research by the bank.

HSBC's Global Connections trade forecast predicts that international businesses will recover more rapidly and earlier than previously expected.

It estimates over the next 15 years the UK is set to increase its international business activity by about 60 per cent.

"Despite the current economic climate the overall trend for international trade is positive, with growth acceleration coming sooner than previously forecast," it said.

Sectors with exceptional predicted growth created through demand from emerging exports included: oil and gas; automotive, with exports to China set to grow by 15.1 per cent and to Russia by 6.62 per cent over the next five years; and medicine.

 

Source: Insider Media

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