HSBC have launched a £500m fund with the aim of providing loans to UK businesses using the funds to invest in green activities.
To qualify, businesses must have a turnover of less than £25m and prove they will meet HSBC’s green eligibility criteria. HSBC’s criteria includes activities such as Energy from Waste, Solar, Heat Pumps and Green constuction activities.
HSBC will pay 1% cashback on loans that start at £1,000.
“I am delighted to announce to the launch of HSBC UK’s £500m Green SME Fund,” said Ian Stuart, CEO HSBC UK.
“Companies of all sizes and sectors have a role to play in the journey to net zero, however the sustainable finance market has been predominately focused on larger corporations. It’s critical that access to funds isn’t a barrier for small and medium sized businesses working to achieve lower carbon emissions.’
“We want to help businesses seize the opportunities and growth potential that environmental sustainability offers and the fund, along with our new and expanding suite of tools and resources, will make it easier for small businesses to take practical steps to cut their emissions and help their customers to cut theirs too.”
