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HSBC provided £3.1bn of gross lending to UK SMEs in the first three months of 2012, an increase close to 7% on the same period in 2011. This announcement follows the bank’s earlier commitment to make at least £12bn available to SMEs during 2012, surpassing what it lent in 2011. HSBC’s International SME Fund is also proving attractive to businesses, with more than £1.3bn of the total amount lent in the first quarter being borrowed by SMEs that trade or aspire to trade internationally. The fund provides specific support for UK businesses with a turnover of up to £25m. Jacques-Emmanuel Blanchet, HSBC’s head of commercial banking in the UK, said: “We are on track to lend even more to UK SMEs in 2012, and are ahead of schedule to lend £4bn to businesses who expand their activity internationally. “Trading internationally is critical not only for British companies who want to remain competitive in the future, but for the UK economy as a whole. As such, in the first three months of 2012, we have increased our dedicated sales force by more than 50% through the recruitment of additional international commercial managers, to ensure that we are able to provide the high-level support needed by businesses which are growing through international trade.” The bank has recruited more than 70 additional international commercial managers to date, located throughout HSBC’s network of commercial banking centres. About 20 more are to be recruited in the remainder of the year. Other Business Money News
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