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HSBC is one of the UK government’s accredited lenders under the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS), and can therefore offer loans and finance to businesses that have been severely impacted by the coronavirus pandemic.
HSBC is one of the world’s largest banking and financial services organisations and it serves millions of customers worldwide. The bank was founded in 1836 to facilitate trade between Europe and Asia.
HSBC has a high rate of approval for business lending (93% for loans up to £30,000, as of 2017) and says it is committed to helping British businesses take the first necessary steps to scale the ladder of success. If you need a loan, you can apply via the HSBC site.
HSBC offers fixed rate loans for small businesses looking to borrow up to £25,000, with loan terms between 1 and 10 years. HSBC small business loans have a representative APR of 7.1% for loans between £1,000 and £25,000.
As an accredited lender under the Bounce Back Loan Scheme, HSBC also offers small business loans from £2,000 to £50,000 to businesses affected by the coronavirus pandemic. BBLS loans are provided with a fixed rate of 2.5% p.a.
If you already have an HSBC Business Current Account, you can borrow money without needing to use security (subject to approval) by using a business overdraft. The interest rate you receive will be linked to the Bank of England base rate. Learn more about business banking.
HSBC asset and equipment finance is designed to let your company access better equipment, vehicles and software today, rather than having to save and wait. You can learn more abut asset financing or compare deals from a range of lenders.
HSBC small business loans have a 7.1% representative APR on loans between £1,000 and £25,000, but the interest rate you receive will vary based on your business’ application and financial situation, as well as the size and length of your loan.
HSBC business overdrafts have a variable representative EAR of 10.36%, with overdraft facility offered with at least a 4% margin over the Bank of England base rate.
You should only apply for a HSBC business loan if you’re certain you can meet the repayment terms.
Here are the criteria that you will personally need to meet in order to be eligible for an HSBC Small Business Loan:
HSBC will need to know the following:
HSBC states that its business loans should not be used for anything other than the purpose of investing in your business. Absolutely no personal purchases are allowed.
Looking for something else? Outside of the HSBC services listed above, you could also consider the following finance products for your business.
Get a lump sum upfront to repay in-line with volume of future sales. Compare deals and learn how business cash advances work.
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Existing HSBC Premier customers can enjoy generous perks and 0% deals on both purchases and balance transfers with this deal.
Existing HSBC Advance customers can enjoy a lengthy 0% balance transfer deal and generous perks with this popular credit card.
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Everything you need to know about the HSBC Balance Transfer Credit Card. Fast and simple overview of rates, fees, credit limits and eligibility requirements. Compare this card against similar products from a range of lenders.
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