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Grants and Funding News
25Mar

HSBC Supports International Trading Businesses Impacted by Covid-19

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HSBC UK has announced new measures to help its internationally trading business customers tackle the disruption being caused by the spread of Covid-19.

Businesses are facing supply chain disruption, with delays in receiving both goods and payments, leaving many with a gap in their working capital cycle. To cover this short-term gap, HSBC UK is offering:

  • £3 billion to importers and exporters that need additional support, allocated from HSBC UK’s £14 billion SME Lending Fund.

  • Pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record.

  • A one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster.

  • A dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers.

The Bank’s trade specialists across the UK have been talking to importers and exporters to discuss the financial support that they might need in this fast-moving situation.

Ian Tandy, Head of Trade for HSBC UK, said:

'As one of the world’s leading trade banks, we are committed to supporting importers and exporters in the UK.

'Our trade finance specialists are keen to understand the challenges that currently face these businesses and are doing all they can to tailor financial solutions to alleviate some of these challenges.'

 

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