HSBC has launched a £500 million lending fund to support small and medium-sized enterprises (SMEs) in Gloucestershire, Wiltshire, Bath and Bristol.

The scheme is part of a broader commitment to helping British businesses realise their ambitions for growth and is part of a wider fund for SMEs across the UK, all launched on June 16.

HSBC, which has a branch on Market Place in Cirencester, continues to be open to lending, having approved 91 per cent of small business lending applications in the last year.

Nigel B. Davis, HSBC’s regional director for the Western & Wales region, said: “The launch of this fund reaffirms our commitment to support the growth of Gloucestershire SMEs of all sizes, from start-ups to established businesses.

“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 FSB 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.

Amanda Murphy, head of commercial banking at HSBC UK, said: “SMEs are the lifeblood of the UK economy, and 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.”

HSBC has a geographic network covering more than 90 per cent of global trade.