A £300million lending fund to support UK agriculture was launched by HSBC yesterday.
The bank said the fund was part of its wider £10billion support packagage to help British businesses realise their growth ambitions.
“We have enormous expertise in the agriculture sector and as a key focus for us, we want to be able to support customers, both old and new, even more,” said the bank’s head of agriculture, Neil Wilson.
“The Agriculture Fund demonstrates our commitment to doing this, and we hope we will lend even more than £300million to help ambitious British agriculture and farming businesses achieve their goals.”
He said support from the bank included an offer for free banking for up to 18 months for start-up companies and up to 12 months for companies switching banks. Thereafter a fixed-price £5.50 monthly account tariff will be applied to customers.
Mr Wilson said farm businesses could also benefit from the bank’s Business Lending Eligibility Checker – an online tool which offers potential new customers a credit decision in principle for loans of up to £30,000.