A major bank has launched a £200 million lending fund to support SMEs in Kent.

The Kent fund is part of a wider £12 billion SME fund for businesses across the UK.

Now in its fifth year, the fund administered by HSBC UK has been increased by £2bn from last year.

Brian Weare, HSBC UK’s regional director for the south east, said: “The county has many thriving business hubs and HSBC UK’s funding will be available right across the region, no matter whether they’ve just started out or are an already established business.

“Each year, the fund helps and encourages businesses to grow locally, nationally and internationally, in turn helping them achieve their ambitious goals and create jobs for Kent’s economy. This year is no exception and we hope to see many more local businesses taking advantage of the fund over the next year.”

The new fund includes a ring-fenced £1 billion to help UK companies grow their business overseas. HSBC research revealed that over two thirds (72 per cent) of UK businesses expect their cross-border trade to increase this year.

Small business minister and Rochester and Strood MP Kelly Tolhurst said: “With more than 1,000 starting up every day, the UK’s 5.7 million small businesses are the backbone of our economy.

“Through our modern industrial strategy and industry-led initiatives such as this, the Government and industry are building an environment in which businesses all over the country can thrive.”