HSBC UK has announced a significant increase to its ‘Growth Lending’ offering, rising from £250m to £350m, to meet the growing demand from high growth tech scale-ups across the UK. Launched last year in response to the UK Government’s call for additional investment in the sector, the allocation offers access to finance and HSBC’s unique international expertise to aid high growth tech businesses in achieving their global ambitions at an earlier stage in their growth journey.
‘Growth Lending’ is targeted specifically at high-growth tech scale-ups that possess a strong equity backing, demonstrated a profitable sales record, and a clear pathway to profitability. The offer will enable businesses to access financing up to £15m, aiding their early-stage growth ambitions. Since its launch, ‘Growth Lending’ has already supported regional economies, with 50% of deals being with businesses located outside of London.
While supporting high-growth scale-ups in the broad tech umbrella, ‘Growth Lending’ is applicable to a variety of sectors, including CleanTech, Cybersecurity, EdTech, FinTech, Haptics, HealthTech, Nanotech, and Software & Digital Platforms. The Head of UK Tech Sector & Growth Lending at HSBC UK, Roland Emmans, stated: “The increase to ‘Growth Lending’ restates HSBC UK’s commitment to improving the tech ecosystem to ensure the UK remains one of the best places in the world to start and run a technology business.”
Growth Lending has been well received by businesses all around the UK, as innovation hubs continue to develop in regions outside of London. It is clear that the ambitious digital technology businesses no longer view it as essential to have a London base and are instead able to tap into talent pools throughout the country. Growth Lending is part of a wider offering alongside other funds that HSBC UK contributes, including a £500 million fund for SME tech businesses and a broader £15bn lending fund, set up to support SMEs nationally.