The FINANCIAL — HSBC has created a new $5 billion global working capital fund for small and medium-sized businesses (SMEs) to ensure that they continue to have access to appropriate credit through the current financial and economic crisis.
The fund will supply working capital to help businesses with their cash flow needs and support businesses that trade or aspire to trade internationally. It will help customers with fundamentally sound businesses weather short-term shocks caused by the downturn. The fund will be allocated on a case-by-case basis using our normal lending criteria.
The fund represents new money, over and above what HSBC would normally expect to lend in the current business environment, and will be funded from HSBC's own resources.
Michael Geoghegan, HSBC's Group CEO, said: "This is a difficult time for business in many economies. Customers are rightly looking to see how banks can help. I am pleased that HSBC is using its financial strength to help our small business customers around the world by delivering this new $5 billion fund. SMEs are the lifeblood of most economies and it is their success that will create economic growth."
HSBC has dedicated international banking centres covering 65 countries and territories around the world and over 8,000 specialist business bankers serving almost three million business customers.