The new fund has increased from the £400m announced by the bank last year, and is the largest SME package to be provided by HSBC for SMEs in the region.
Susan Rowand, HSBC’s head of business banking in Scotland, said: “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. “
HSBC’s 2016 SME Fund includes a free banking offer of up to 18 months for start-ups and 12 months for switchers, a year-long fixed-price of £5.50 monthly account tariff and a free text alert service for informal overdrafts, helping customers avoid paying unwanted overdraft fees and interest.
HSBC’s Head of UK commercial banking, Ian Stuart, said: “Right across the UK there is a wide range of innovative new and established SMEs, proving that location is no barrier to a great business idea.
“SMEs are the driving force of the UK economy and we are here to support them, whether they are a start-up or established business, focused either on the domestic market or looking to trade internationally.”
Small Business Minister, Anna Soubry added her support, encouraging businesses to capitalise on the growth services being offered by lenders.
“It’s absolutely right that banks such as HSBC continue to develop their support for smaller businesses.
“I also want to see more of these businesses taking advantage of what’s on offer, both from banks and alternative lenders, to help them grow, invest and create jobs for people.”