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HSBC And UK Export Finance Join Hands to Support MSMEs

By Doraj Mandal --
Monday, 11 Dec, 2023

HSBC India and UK Export Finance (UKEF), have partnered to set up a financing programme to support Indian Micro, Small and Medium Enterprises (MSMEs) with up to 100 million pound. This program will assist corporates and MSMEs in funding their imports from the United Kingdom.

HSBC India said in a statement on Thursday that the agreement seeks to strengthen economic relations between the two nations and increase loan availability for Indian MSMEs.

A Letter of Intent (LoI) allowing HSBC India and UKEF to collaborate on projects involving UKEF's guarantee-backed structures was signed on Thursday. In the four quarters leading up to the end of Q2 2023, India ranked as the UK's 12th largest trading partner, making up 2.1% of all UK trade. About 1.2 billion pounds' worth of goods were exported by 7,500 UK SMEs in 2021, employing about 3,17,300 people. This accounted for 85% of all UK enterprises that exported goods to India. Achieving broad-based growth requires improving financial access and creating an environment that boosts SMEs' competitiveness and productivity.

At HSBC, the focus remains on supporting the underserved sector through financing programme, helping them accelerate innovative transformations, capture new opportunities, and encourage job creation.

HSBC And UK Export Finance Join Hands to Support MSMEs. HSBC India and UK Export Finance (UKEF), have partnered to set up a financing programme to support Indian Micro, Small and Medium Enterprises (MSMEs) with up to 100 million pound. This program will assist corporates and MSMEs in funding their imports from the United Kingdom.

HSBC India said in a statement on Thursday that the agreement seeks to strengthen economic relations between the two nations and increase loan availability for Indian MSMEs.

A Letter of Intent (LoI) allowing HSBC India and UKEF to collaborate on projects involving UKEF's guarantee-backed structures was signed on Thursday. In the four quarters leading up to the end of Q2 2023, India ranked as the UK's 12th largest trading partner, making up 2.1% of all UK trade. About 1.2 billion pounds' worth of goods were exported by 7,500 UK SMEs in 2021, employing about 3,17,300 people. This accounted for 85% of all UK enterprises that exported goods to India. Achieving broad-based growth requires improving financial access and creating an environment that boosts SMEs' competitiveness and productivity.

At HSBC, the focus remains on supporting the underserved sector through financing programme, helping them accelerate innovative transformations, capture new opportunities, and encourage job creation.