HSBC Grant Scheme for SMEs

HSBC will receive £25 million from the Government's £1.4 billion Regional Growth Fund (RGF) to support small and medium-sized businesses in England that are recruiting new employees, to purchase assets such as machinery and vehicles.

The RGF supports projects and programmes that lever private sector investment, creating economic growth and sustainable employment. It aims to help those areas and communities currently dependent on the public sector to make the transition to sustainable private sector-led growth and prosperity.

The bank is creating an 'Assisted Asset Purchase Scheme' that will enable qualifying businesses to receive additional funds of up to £500,000 to put towards the acquisition of assets, which would not be funded under normal commercial terms. The Assisted Asset Purchase Scheme will provide a grant of up to £25,000 for each additional full time position created by the acquisition of a new asset.

Jacques-Emmanuel Blanchet, Head of Commercial Banking, HSBC UK said: "HSBC is committed to supporting strong viable businesses and our Assisted Asset Purchase Scheme highlights this. The scheme will provide critical support for businesses that are looking to grow and recruit, enabling them to purchase the assets they need, to achieve their goals."

Business Minister Mark Prisk said: "HSBC's Assisted Asset Purchase Scheme will help SMEs that want to invest and create jobs - but that cannot currently access commercial funding. They will deliver a shot in the arm to local communities and help small businesses drive local growth.

"100% of the RGF funding will be provided as grants to small businesses with the bank employing their regional network to administer the scheme for free."

Ways to get in touch

For further information on the HSBC Assisted Asset Purchase Scheme, business owners and finance directors should visit http://www.hsbc.co.uk, call 0845 607 6007 or visit their local HSBC branch.

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