HSBC launches £8bn fund to help UK SMEs

The bank says that the fund will be allocated in 43 local tranches of between £150m and £400m for areas outside London, and a £2.1bn fund for the capital.

Additionally, the bank will remove arrangement and security fees on loans between £1,000 and £300,000 until 31 July, and provide 18 months of fee-free business banking for start-ups and 12 months free for businesses who switch.

The package is part of HSBC’s bid to support the estimated one million small businesses that have accounts at the bank, and also includes plans to run 300 nationwide workshops aiming to support 10,000 ambitious companies

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