HSBC bank has opened a new £300 million lending fund aimed at British agricultural businesses.
Herefordshire-based fruit grower Lower Hope Fruit has already secured a £600,000 loan to invest in a new packhouse and optical grader.
The investments will help the company increase output from 15 to 25 tonnes per day, HSBC said.
Head of agriculture at HSBC Neil Wilson said: “We have enormous expertise in the agriculture sector and as a key focus for us, we want to be able to support customers, both old and new, even more.
“The agriculture fund demonstrates our commitment to doing this, and we hope we will lend even more than £300m to help ambitious British agriculture and farming businesses achieve their goals.”
To encourage farming businesses to switch banks, HSBC is offering a free banking offer of up to 18 months for start-ups and 12 months for switchers.
A fixed-price £5.50 monthly account tariff will start at the end of the initial free banking period.
No comments yet