HSBC Business Loans
- HSBC currently offers business finance options. Find out which options are available, how to apply, and whether your business might be eligible.
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HSBC business loans may allow you to access a variety of credit and lending facilities, including small business and flexible loans, overdrafts, commercial mortgages and asset finance.
You can currently apply for business loans from HSBC either online, over the phone, or in branch, and manage your repayments from your internet banking.
In 2021, HSBC launched a £15 billion SME lending fund to help the UK recover from the pandemic, which is available to both customers and non-customers.
Find out more about how you can apply for a piece of the £15 billion, whether you’re eligible, and the pros and cons of HSBC Business Loans.
What is HSBC?
Started in Hong Kong in 1865, HSBC is an international bank that now serves more than 40 million customers in 64 countries around the world.
HSBC currently offers a range of bank accounts for small businesses, larger businesses and businesses that trade internationally. It also provides business debit and commercial cards, as well as loans and overdrafts to help businesses grow.
What products and services does HSBC offer?
Small Business Loan
The HSBC Small Business Loan offers borrowing of flexible amounts and terms. You can currently settle your loan in fixed monthly repayments and offset the interest against your tax liabilities.
Flexible Business Loan
Borrowing amounts for HSBC’s flexible business loans currently have no upper limit, though with a minimum amount allowed. You could also choose from variable or fixed rates and repay your loan either monthly or quarterly. Flexible repayment lengths are available.
» COMPARE: Business loans
Business overdraft
HSBC’s business overdraft is currently available to Business Current Account customers. You may be able to have an arranged overdraft facility for several months and only pay interest on the amount you use.
Commercial Mortgage
With HSBC’s commercial mortgage you may be able to borrow up to 75% of the purchase price or professional valuation (whichever is lower). Repayment terms vary and if eligible you can currently choose from a fixed or variable rate.
Asset Finance
You could use asset finance to purchase new assets or replace old ones. HSBC currently offers hire purchase, finance lease, operating lease, and asset loan, with tailored solutions for commercial vehicles, IT hardware and software and more complicated asset finance needs.
» COMPARE: Asset finance
Can I get a small business loan with HSBC?
HSBC’s Small Business Loan currently means you may be able to borrow from its £15 billion lending fund. You could pay off your loan in fixed monthly payments.
Key features of HSBC business loans
- SME funding pot of £15 billion available
- Current ring-fenced amounts for international (£2 billion), agricultural (£1.2 billion), tech (£500 million), and franchise businesses (£500 million)
- Flexible repayment periods available
- Option to choose variable or fixed rates
- Option to choose monthly or quarterly repayments
How do I apply for a HSBC loan?
If you’re an existing HSBC customer, you can apply for a Small Business Loan by logging into your internet banking. If you don’t currently bank with HSBC, you need to call 0800 587 0644.
If you want to apply for a Flexible Business Loan, you need to call 0800 011 3317.
Am I eligible for a HSBC business loan?
You can use HSBC’s business lending eligibility checker to check whether you’re likely to be approved for a business loan without resorting to a full credit check.
HSBC takes into account a huge range of factors when deciding whether or not to accept your loan application, including your skills and experience, your business, your plans, the amount you want, and your requested repayment length.
If you’re a new business, this can be evidenced in your business plan and cash flow forecasts, while established businesses can use their historic trading figures.
» COMPARE: Business bank accounts
What do HSBC customers say?
On Trustpilot, HSBC UK has been rated 1.3 out of 5 based on 6,272 reviews.
On the App Store, The HSBC UK Mobile Banking app has been rated 4.8 out of 5 based on more than 1 million reviews. On Google Play, it’s been rated 3.4 out of 5 based on 46,400 reviews.
This information is correct as of 21 June 2022.
Conclusion
With HSBC business loans, you may be able to access a Small Business Loan with no upper borrowing limit, as well as overdrafts, commercial mortgages, and asset finance.
Whether you’re an HSBC customer or not, you may be able to apply for a loan from its £15 billion SME lending fund, which has ring fenced amounts for international, agricultural, tech, and franchise businesses. You can choose to apply in the way that suits you, either online, over the phone or in-branch.
If you are approved for a loan from HSBC, you can use your online banking to track your repayments and see how much you still have left to pay.
You can contact HSBC directly to apply for a business loan, however, it may be worth comparing HSBC to other business finance providers in order to fully understand your options before committing.
HSBC Business Loan FAQs
How much deposit do you need for a business loan?
Can I borrow money for a business?
How can a small business get a loan from a bank?
Who is eligible for a business loan?
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