It also includes GBP 1 billion for UK businesses wanting to expand overseas and a GBP 300 million pot for agricultural companies.
Now entering its fifth year, the fund is GBP 2 billion bigger than 2017’s all of which was used by British companies intent on expansion. The increased SME Fund 2018 will help more businesses plug the gap between ambition and reality, supporting their growth.
Recent HSBC research revealed that over two-thirds (72%) of UK businesses expect their cross-border trade to increase this year.
The fund will be split and allocated to specific regions across England, Wales, Scotland and Northern Ireland. It also includes a personal guarantee fee from GBP 10 for any lending above GBP 10,000 and a GBP 100 arrangement fee of loans up to GBP 25,000.
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