Connect with us

Hi, what are you looking for?


HSBC unveils new global fund for SMEs

HONG KONG, December 8 – Global banking giant HSBC has set up a 5 billion US dollar fund to help small and medium sized businesses get access to credit during the global financial crisis, the bank said.

The fund represents money "over and above" what the London-based bank would normally lend in the current business environment, and will be funded from its own resources, HSBC said in a statement.

Such businesses in Britain will be able to apply for 1.47 billion dollars of the fund, while those in Hong Kong will have access to 500 million, the bank said.

The rest of the cash will support firms in other markets across the world.

"This is a difficult time for business in many economies," Michael Geoghegan, HSBC\’s Group CEO, said in the statement issued Sunday.

"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 dollar fund.

"SMEs (small and medium enterprises) are the lifeblood of most economies and it is their success that will create economic growth."

HSBC has stressed throughout the global financial crisis that it is well capitalised and last month reported an increase in third quarter profits, despite a hefty exposure to the troubled United States housing market.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...