HSBC Creates £500m Fund to Help SMEs Decarbonise
12 November 2021
HSBC UK has announced a new £500 million Green SME Fund to help businesses transition in a low carbon economy. The bank believes that access to funds should not be a barrier for firms working to achieve lower carbon emissions. Through the Fund, small and medium-sized businesses (SMEs) are being targeted to invest in a range of green solutions and initiatives.
The Fund offers 1% cashback on loans, starting at £1,000 to help firms invest in green activities. The bank says this is the first green offering for small businesses with a cashback proposal in the UK.
SMEs with a turnover of less than £25 million will be eligible for support.
Ian Stuart, CEO of HSBC UK, said:
'We want to help businesses seize the opportunities and growth potential that environmental sustainability offers and the Fund, along with our new and expanding suite of tools and resources, will make it easier for small businesses to take practical steps to cut their emissions and help their customers to cut theirs too.'
The Fund will launch in January 2022, at which point the full eligibility criteria will be made available.