North East SMEs could access up to £100m of development funding

Banking giant HSBC has announced plans to set up a huge £6bn fund for finacing small to medium-sized enterprises (SMEs), and £100m of the pot has been earmarked for businesses in the North East, a news report in the local business media can reveal.

The scheme will be open both to new and existing companies with turnover of up to £30m and has been set up as a direct result of the bank’s ‘Business of Growth’ report, which predicted an increase in fixed investment of 7.1 per cent in 2014 as firms look to capitalise on the UK economic recovery to invest in growth.

Pat Dellow, Tyne & Tees area commercial director at HSBC, said: "We’re definitely seeing an increase in business confidence. The local economy is considerably more buoyant, the lending proposals we’re receiving are more robust, and the overall increase in support we’re providing reflects the fact that local businesses are investing in their future.

"We’re seeing companies accessing finance for new plant and machinery, and actively increasing their stock levels. The increase in requests for support with the purchase of premises that have been traditionally leased is another positive indicator that confidence is returning."

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