HSBC has launched a £450 million lending fund to support small and medium-sized enterprises (SMEs) in Scotland.

The fund aims to meet growing SME demand across the country and is up from the £400 million fund allocated to Scotland last year.

It is part of a broader package of support for Scottish SMEs which includes a free banking offer of up to 18 months for start-ups and 12 months for switchers; a year-long fixed-price £5.50 monthly account tariff; changes that will make banking cheaper for customers and a reduction in the Personal Guarantee Fee from £80 to £10 for any lending facility above £10,000

Says Susan Rowand, HSBC’s Head of Business Banking in Scotland: “We want to be the bank of choice for Scottish SMEs, reinforced through our desire to lend more to local businesses, by committing the funds to do so, and by making banking easier and cheaper to help our customers grow.

“There is a strong desire from ambitious local SMEs to grow their businesses, and we are responding by ensuring HSBC is providing the funds they need to realise these ambitions.”

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