HSBC Bank has announced that it will make £1billion available to support it’s small business customers in the UK. The Bank says that the funds are part of a £3.3bn global working capital fund for small and medium sized enterprises (SMEs). HSBC is not one of the banks that took part in the governments bail-out scheme, but finds itself as the first of the big players to make it’s intentions towards small business known.
How Gordon Brown must wish it was one of the bail-out banks making the statement as he says that the government is exerting enormous pressure on them to show willing.
Co-Head of HSBC Alan Keir said :”This is new money, new money to support struggling small businesses that bank with us, We’ve heard that their critical need is for working capital, so we’re responding to that.”
The bank says that it will evaluate customer requirements on a ‘case by case’ basis and would be looking to help ‘fundamentally sound businesses’ that are experiencing short term cashflow problems.
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