High street bank HSBC UK has launched a new £1.1 billion fund aimed at boosting the West Midlands small business sector.
The bank, which is headquartered in Birmingham, has earmarked the capital, including £600 million specifically for SMEs in the city, as part of a nationwide tilt at the sector worth £14 billion.
HSBC launched its SME Fund in 2014 since when it claims to have committed more than £60 billion to the UK's small- and medium-sized companies.
The HSBC UK 2019 Fund includes increased ring-fenced pots for international businesses and the agriculture sector.
The allocation for international business has been doubled to £2 billion to help companies grow overseas while the agriculture pot has increased to £1 billion from £300 million last year.
Fran Howell, HSBC regional director for corporate banking in the West Midlands, said: "The launch of this year's fund shows our commitment to support the growth aspirations of SMEs across Birmingham and the West Midlands. It is an exciting time to be a business owner in the West Midlands.
"As well as having the fastest growing economy outside of London, the region remains top of the national league for exports, job creation and foreign business investment.
"We're particularly pleased that this is the biggest city fund outside of London and demonstrates the bank's commitment to Birmingham and the wider region."
