The fund has been designed to ensure SMEs in England, Scotland, Wales and Northern Ireland are able to access the finance they need as the bank looks to increase its commitment to UK businesses.

Last year, HSBC approved 91% of small business lending applications and Ian Stuart, UK CEO of HSBC, felt the £10bn fund showed how committed it was to support the growth of SMEs in the UK.

“The UK is home to a diverse range of SMEs across established and emerging sectors, operating in their regional markets or looking to trade internationally.

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“We want to put SMEs in a stronger position to make investments that will stimulate local economies and create more jobs.”

The fund will also be encouraging small businesses to feel confident about exploring opportunities for export after a Federation of Small Businesses report found that only one in five (21%) of SMEs currently exported, but that there was potential for that figure to double.

HSBC research into 1,000 UK SMEs – both those already exporting and those looking into it – reflected a business population prepared to consider the opportunities of international trade, but wary of a range of perceived barriers.

These included a lack of understanding of the local market, a lack of international business experience and problems overcoming language and cultural barriers.

“SMEs are the lifeblood of the UK economy, and for many there is an opportunity and appetite to grow their business through exporting,” said Amanda Murphy, head of commercial banking at HSBC.

“HSBC can provide access to new trading networks for businesses of all sizes, help them to understand how they can consider exporting with confidence, and has the expertise to help businesses navigate change by being responsive, flexible and nimble.”