A new three-year, €150m pan-European fund to support SMEs has been announced.
Independent financier Bibby Financial Services has launched the fund after securing an agreement with HSBC. It will allow BFS's European subsidies outside the UK to access funds to help SMEs connect to trading opportunities domestically and internationally.
The funding is available to new and existing SME customers and takes BFS's total funding capability across Europe to €1.1bn.
Steve Box, international CEO at BFS, said: "Our new funding agreement signals our commitment to SMEs and will enable businesses throughout Europe to invest, recruit and grow with confidence."
"Businesses across the world are becoming more aware of the range of financing options available to them and our new funding availability will enable us to respond to an increasing demand for receivables and trade finance."
Dan Howlett, HSBC's head of corporate banking, added: "Bibby Financial Services has ambitious plans to support customers investing for growth across Europe. With our global reach, connectivity and strong capital base, HSBC is in a prime position to help corporate businesses explore domestic and global opportunities."
BFS supports working capital requirements for SMEs trading in a business-to-business capacity from start-ups to businesses with a turnover of up to £10m. It has more than 30 operations throughout Europe, including Poland, Germany, France, Slovakia, Czech Republic, the Netherlands, Ireland and the UK.