On November 10th 2011, HSBC announced it will be participating in the Government’s Regional Growth Fund (RGF), and initiative to support businesses that are recruiting.
The £25 million which HSBC will receive from the fund will be used to support English small and medium sized businesses to hire new employees, and purchase assets such as vehicles and machinery.
The total fund (£1.4 billion) will be spread across from 2011 to 2013, and will support projects that lever private sector investment creating sustainable employment and economic growth.The communities and areas particularly targeted by the fund are those which are dependent on the public sector to make the transition to sustainable private-led growth and success.
HSBC has announced it is creating an “Assisted Asset Purchase Scheme”, which will allow businesses to receive funds of up to £500,000 to the acquisition of new assets, which under normal commercial terms, would not have been funded.
While we’re pleased to see HSBC take a new initiative to fund equipment and machinery that is traditionally not funded, here at Johnson Reed we’ve already been doing this for some time. Our Quirky Kit Finance project allows you to gain finance for new equipment which has little or no value on day 2.
