A BANK has today launched a new £500million lending fund for Gloucestershire businesses.

HSBC say that they are committed to helping small and medium-sized enterprises (SMEs) with their growth, and have set aside the fund for companies in Gloucestershire, Wiltshire, Bath and Bristol.

The money is part of a wider £10billion fund that has been made available across the country.

It is hoped that it will help to boost the local economy and encourage businesses to explore new ventures.

Nigel B. Davis, HSBC’s Regional Director for the Western & Wales region, said: “We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally.

“This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs.”

A major focus of this year’s fund is to encourage small businesses to feel confident about exploring opportunities for export.

A 2016 Federation of Small Business Report noted that one-in-five (21 per cent) small businesses currently export, but there is potential to double this figure with the right support.

“SMEs are the lifeblood of the UK economy,” said Amanda Murphy, Head of Commercial Banking at HSBC UK.

“For many, there is an opportunity and appetite to grow their business through exporting.

“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”