HSBC delivers $5 billion fund supporting business globally

HSBC has created a new $5 billion global working capital fund for small and medium-sized businesses (SMEs) to ensure that they continue to have access to appropriate credit through the current financial and economic crisis.

One billion pounds of the fund has been allocated to UK customers.

The fund will supply working capital to help businesses with their cash flow needs and support businesses that trade or aspire to trade internationally.

It will help customers with fundamentally sound businesses weather short-term shocks caused by the downturn. The fund will be allocated on a case-by-case basis using our normal lending criteria.

The fund represents new money, over and above what HSBC would normally expect to lend in the current business environment, and will be funded from HSBC's own resources.

HSBC's Group CEO, Michael Geoghegan said, "This is a difficult time for business in many economies. Customers are rightly looking to see how banks can help. I am pleased that HSBC is using its financial strength to help our small business customers around the world by delivering this new five billion pounds fund.

SMEs are the lifeblood of most economies and it is their success that will create economic growth."

HSBC UK Managing Director, Paul Thurston said, "HSBC has already lent more to SMEs this year than last.

The new one billion pounds for 2009 shows we're open for business. It's a tough business environment and we want to support our customers, whose continued growth will provide a stimulus to restore the UK economy.

We will use our extensive understanding of the UK and international business market to support those businesses where this help will add most value."