Regional Growth Fund and Assisted Asset Purchase Scheme
The schemes will provide grants to support SMEs considering investing in new capital assets and creating new employment.
RBS, NatWest and HSBC have agreed to facilitate the distribution of £95 million - which is part of the government's Regional Growth Fund. RBS and NatWest will facilitate £70 million and HSBC will facilitate £25 million. The banks will not profit financially from the administration of these schemes.
Through these schemes small businesses, which are unable to secure commercial funding for their project, have the potential to benefit from government support through the banks' regional networks in order to make their project commercially viable.
The HSBC scheme is called the Assisted Asset Purchase Scheme and will distribute £25 million.
The RBS and NatWest scheme is called the regional growth fund and will distribute £70 million.
HSBC's Assisted Asset Purchase Scheme
A fund supporting projects and programmes that lever private sector investment creating economic growth and sustainable employment.
HSBC have created the 'Assisted Asset Purchase Scheme' which enables qualifying businesses to obtain funding towards the acquisition of assets where they would not ordinarily be eligible due to the lack of sufficient stake.
This could be the right solution for you if
- you are an existing HSBC customer; and
- you are creating additional employment, or you will retain jobs that could have otherwise been lost within 12 months; and
- you wish to purchase an asset but lack a sufficient deposit.
For more information: http://www.business.hsbc.co.uk/1/2/commercial-banking/loans-and-finance/regional-growth-fund-assisted-asset-purchase-scheme. Or call on 0845 607 6007.
RBS Regional Growth Fund: http://www.rbs.co.uk/business/borrowing/g1/government-lending-support/regional-growth-fund.ashx
NatWest Regional Growth Fund: http://www.natwest.com/commercial/finance/g1/overdrafts-and-loans/regional-growth-fund.ashx
