HSBC has launched a £14 billion lending fund to support small and medium-sized businesses across the UK.
And some £150 million of the pot will come to Northern Ireland as part of its the bank's commitment to help businesses realise their ambitions for growth and navigate Brexit.
The fund, originally launched in 2014, has already seen HSBC commit more than £60 billion to SMEs, and bosses hope this latest tranche can be used to help businesses grow after Brexit.
HSBC UK's 2019 Fund, which is its largest to date, includes increased ring-fenced pots for international businesses and for the agriculture sector.
The allocation for international business has been doubled to £2 billion to help companies grow overseas, while the agriculture pot has increased to £1 billion from £300 million last year.
Regional allocations across England, Wales, Scotland and Northern Ireland will ensure that companies throughout the country can benefit from the fund.
Amanda Murphy, head of commercial banking at HSBC UK, said: "This £14 billion fund will help UK companies seize new opportunities for growth at home and overseas.
"We've always supported ambitious UK businesses, and we see it as our responsibility to be there for our customers whether conditions are benign or challenging.
"This year's record fund is therefore part of a broader range of initiatives that we have in place to support British business as they navigate Brexit in a fast-changing world."
The launch comes as HSBC revealed new data showing nearly 72 per cent of businesses have taken steps to prepare for Brexit and almost a fifth of internationally trading businesses have looked at opportunities to trade outside the EU after Brexit.
Scott Solberg, HSBC UK’s regional corporate banking director for Northern Ireland, said: “The launch of this year’s fund shows our commitment to support the growth aspirations of SMEs across Northern Ireland.
“This fund is all about helping businesses like to take new opportunities and grow and we want to reassure them that we’re here to support them achieve their goals.”
As part of last year’s fund, HSBC provided a £15 million funding package to Holywood-based homeware, kitchenware and giftware manufacturer Ulster Weavers.
The funding enabled the business to purchase a Manchester-based bedding and curtain company, strengthening the domestic and international opportunities for both businesses while broadening the overall offerings from each business.
HSBC UK has launched a dedicated helpline for customers with Brexit-related financial concerns and set-up an online resource hub which provides support and advice on the steps businesses should take to plan for the future.
The bank has had more than 15,000 conversations with customers about Brexit so far this year and has held more than 60 sessions across the country to talk to SMEs about the current economic landscape and how to plan for growth.
