Ambitious businesses in North Yorkshire have outpaced expectations in accessing finance from HSBC 2014, new data from the bank has shown.
By the start of November, more than £86m (86 per cent) of HSBC’s £100m fund for small and medium-sized enterprises (SMEs) had been distributed in North Yorkshire to businesses with ambitions to grow.
The fund in the area is part of a national £6bn package of funding made available by HSBC in 2014 to support the UK’s ambitious businesses.
Among the local businesses that have benefitted from the fund is Bon Coeur Fine Wines, a fast-growing independent wholesale wine merchant based in North Yorkshire, who are soon to develop innovative new premises at Scotch Corner.
Chris Wormall, HSBC’s head of Business Banking for the North of England said: “Businesses in North Yorkshire are ambitious and keen to grow, and we are keen to lend to them.
“That’s why I’m delighted that companies in the area have accessed so much of the £100m we set aside to support them.
“My message to businesses is clear: we want to lend more money, and support more ambitions – come and talk to our teams.”
Bon Coeur Fine Wines is one of the ambitious businesses in North Yorkshire to benefit from the fund.
With sales of over £4m a year, the business has secured financing of over £700,000 in 2014 from the bank. These funds have to been used to purchase a 32,000 sq ft warehouse which will be developed in 2015 to provide office space, a wine showroom and tasting areas.
As a result, they expect to create at least 16 new jobs in the area and continue to expand.
Samantha Goodhart, director of Bon Coeur Fine Wines, said: “We are passionate about selling great wine to our customers, and are ambitious to grow our business.
“With HSBC’s support we look forward to expanding our operations, creating a unique wine destination for our customers – the best possible space in which to showcase and sell our wines.”