HSBC launch £250 million fund to support Milton Keynes and Northants businesses

HSBC UK is offering £15 billion nationwide to support small and medium sized businesses hoping to regroup after the devastating financial problems caused by the Coronavirus.

The funding has been broken down into different sections with over £10 billion allocated to specific regions, such as the £250 million provided to Northants and Milton Keynes

Roger Pratt, HSBC UK’s regional business banking director for the central region, said: “We are committed to supporting businesses in Northants and Milton Keynes and we know they are adapting at pace and looking at what comes next.

"We recently supported Milton Keynes plastic injection moulding company, Adreco, to invest in a new metal moulding tool capable of producing 50 million Covid-19 antibody test kits a year, with the backing of the SME (small businesses and enterprises) fund.

“This fund is all about helping businesses to take new opportunities and grow and we want to reassure them that we’re here to support them.”

The fund also includes increased ring-fenced pots for businesses trading internationally (£2 billion), the agriculture sector (increased to £1.2 billion) and new ring-fenced pots for businesses in the tech sector (£500m) and franchise businesses (£500m).

Despite the challenging economic environment, 62% of UK businesses intend to increase investment in their business in the next year, according to research from HSBC.