HSBC UK has recently launched a £550m lending fund towards supporting the growth of small and medium enterprises (SMEs) in Wales.
This is part of a larger £15bn UK fund which includes larger ring-fenced pots for businesses that trade internationally (£2bn), the agricultural sector (£1.2bn), businesses within the tech sector (£500m) and franchise businesses (£500m).
According to research conducted by HSBC, 62% of UK businesses intend to increase investment in the next year despite the ongoing Covid-19 pandemic.
The fund is aimed towards helping businesses grasp new opportunities and achieve goals which will support the Welsh agricultural industry given the uncertainty surrounding the future of support payments and costly regulations.
The FUW welcomes the fact that HSBC recognises the importance of SMEs to the UK economy, a fact that becomes even clearer in the context of Wales’ rural economy.
Further information can be found here: