HSBC launches £4billion export funding pot for SMEs

Businesses with a turnover of up to £25million will qualify for The HSBC International SME fund, which aims to ensure British firms capitalise on a predicated 60% rise in international trade over the next 15 years. Alan Keir, HSBC group managing director, global head of commercial banking said: "Trading internationally will be critical for not only the British companies who want to remain competitive in the future, but it is also critical to the UK economy. HSBC is committed to increasing lending to UK SMEs in 2012." The comments follow glowing predictions for international growth in HSBC's Global Connections trade forecast. World trade will increase by 86% by 2026 according to the HSBC forecast with growth set to accelerate from 2014. HSBC reported a 33% growth in its own export related business in 2011. The automotive sector topped the export league with UK built cars expected to record 15% annual export growth China and 7% to Russia over the next five years. British built jet engine components are set to boost sales to Singapore by 9% year on year, HSBC reported.