Yorkshire SMEs set to benefit from new £1.05bn fund

A £1.05bn fund to support small and medium-sized business in Yorkshire is launched today.

HSBC UK's Tom Sproson with Perry's Joshua Field, Bernard Bunting, Sven Tut and Awais Azam.
HSBC UK's Tom Sproson with Perry's Joshua Field, Bernard Bunting, Sven Tut and Awais Azam.

HSBC UK is tageting the SME sector with its Yorkshire Fund to help entrepreneurs realise their ambitions for growth and navigate Brexit.

It is part of a wider £14 billion fund for SMEs across the UK.

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The allocation for international business has been doubled to £2 billion to help companies grow overseas, while the agriculture pot has increased to £1 billion from £300 million last year.

Mike Hemingway, Regional Director for the North, HSBC UK, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs right across Yorkshire – from Ripon to Rotherham and Hornsea to Halifax.

“This fund is all about helping businesses to take new opportunities and grow and we want to reassure them that we’re here to support them achieve their goals.”

Read more: Yorkshire Bank moving out of Leeds city centre HQ. As part of last year’s SME fund HSBC UK supported Leeds-based school and club uniform manufacturer, Perry Uniform, to scale up its workforce through an apprenticeship programme.

As a result, Perry Uniform will create six new roles for apprentice machinists at its 35,000 sq. ft. factory in Armley.

Amanda Murphy, Head of Commercial Banking at HSBC UK, said: “Our SME Fund will help companies seize new opportunities for growth at home and overseas.

“We’ve always supported ambitious businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.

“This year’s Fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world.”