£285m support for Tyne Tees SMEs

£285m support for Tyne Tees SMEs

Small and medium-sized businesses in Tyne Tees have received £285m support from HSBC over the past 10 months.

After launching the fund in May 2015, HSBC has upsized the initial £150m pledged for the SME fund to meet local demand.

David Slane, HSBC’s Area Director for North East Business Banking, said: “HSBC launched the fund as a way to reinforce our commitment to supporting SMEs across all areas of the UK. 

“In particular, the demand for finance from Tyne Tees SMEs remained consistently high, resulting in HSBC significantly increasing the fund across the region.”

Among the businesses in Tyne Tees to benefit from the SME Fund was Camerons Brewery, which has plans to grow its Head of Steam managed estate to 110, by acquiring 40 new pubs across the North of England.

Furthermore, HSBC will also support the brewery’s short-term plans to release six new lines of beer and develop its Teeside brewing plant over 12 months.

Tony Leech, HSBC’s Area Director for North East Corporate Banking, said: “It is great to see a North East SME thriving and with ambitions to do even better. We’re looking forward to supporting the growth of their estates in the future.”