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HSBC launches £6bn business growth fund

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The bank is launching the fund, which will be distributed locally through its 52 business centres, alongside a new report which claims 2014 will mark a turning point for British businesses.

A combination of improving GDP performance, rising business confidence, and high export confidence are among factors which give this year “the perfect conditions for growth”, the report claims.

It predicts an increase in fixed investment, including machinery, premises and stock, of 7.1 per cent in 2014 as a result.

Amanda Murphy, head of business banking for HSBC, said: “Ambitious British businesses are saying they are going to invest this year and get on with growing. We want to support their ambitions by significantly increasing our net lending to businesses this year.

“We are helping more than 6,100 businesses start up every month, and want to support our hard working SME business owners on their drive for growth.”

The HSBC fund will be open to new and existing UK domiciled businesses with turnovers up to £30m.

Related: Are we seeing the death of the business overdraft?

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