HSBC is the latest bank to sign up to the government’s SME Finance Charter, pledging to support SMEs to make it easier for them to access sources of finance.

Currently, 24 lenders have signed up to the Finance Charter, from banking giants such as Santander and Barclays to smaller disruptors such as Funding Circle and local lenders, such as SWIG Finance. 

The Charter was set up as a voluntary agreement and covers financial products such as loans and overdrafts; asset finance including hire purchase and leasing; stock lending; and invoice finance. It consists of five pledges:

1. We’re open for business and ready to lend.

2. We’ll help you build back better after COVID-19.

3. We’ll support your application and signpost other options if needed.

4. We’ll treat you fairly at all times.

5. We’ll work with the government-owned British Business Bank (BBB) to support SMEs.

“With a multitude of pressures facing businesses currently, the SME Finance Charter is very welcome,” says Simon Gray, ICAEW’s Head of Business. “SMEs are a key driver of employment and economic growth. As businesses emerge from the pandemic and face a new set of challenges, clarity, communication and signposting are critical to help them capitalise on future opportunities.”