HSBC UK has committed £500m of business funding to help boost resilient British technology businesses navigate current financial challenges and adapt for future growth.
A third (36%) of UK businesses plan to adapt their strategies to navigate financial challenges over the next six months, new research from HSBC UK reveals.
The findings demonstrate how resilient UK businesses are with 29% stating that they had to adapt their business strategy over the past five years to survive – and 12% said this adaptation enabled them to increase their profits.
This resilience across the UK tech industry helped it reach $1 trillion in value last year – playing a vital part in supporting regional economies, creating employment opportunities and driving growth.
The number of newly incorporated tech companies across the UK increased by 22% to more than 46,000 last year, according to Companies House data.
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HSBC UK supports more than 80% of FTSE100 and FTSE250 tech firms across their whole life-cycle as well as high growth scale ups, those with strong IP and strong future potential.
Roland Emmans, Head of Technology at HSBC UK, said:
“The UK tech sector contributes significantly to the national economy and across the UK regions. We are seeing our customers demonstrate incredible resilience, adapt and invest for growth, despite current economic conditions.
“£500m of the SME Fund has been ring-fenced to help tech companies across the UK seize growth opportunities, which also supports talent development, innovation and job creation. HSBC has a long standing history of nurturing tech companies at every point of their life stage and we look forward to enabling more customers to grow with the help of the fund.
“We are seeing resilience across all tech companies but particularly in the high growth scale up space, which we are well placed to serve with our extensive network and experienced bankers working with companies from inception to large corporates.
“SVB UK remains a separate entity with deep expertise and strong relationships in the sector. With the skills and expertise of both entities, we can open up many more opportunities for companies across the whole innovation ecosystem.”
HSBC UK has committed to putting a comprehensive programme in place to support SMEs. The fund is part of a broader package of support for small and medium-sized enterprises (SMEs) that may be struggling with Cost of Living challenges.
This includes a broader £15bn fund, Cost of Living customer webinars, a new Financial Worries and Wellbeing Hub and support from HSBC UK’s specialist financial support team for customers showing early warning signs of financial difficulty.