OPINION GUEST COMMENT
This year will mark a turning point for ambitious West Midlands businesses as they look to capitalise on the UK economic recovery to invest in growth, according to HSBC’s new ‘Business of Growth’ report. As a result, the bank is making £500 million in new lending available to West Midlands SMEs out of a national pot of £6 billion. The bank’s Midlands commercial director, ROY HARRIS, explains why.
T
he improving economic climate has certainly been marked by an increase in the number of
businesses looking forward, innovating and seeking to access finance to support their growth plans. The West Midlands is, of course, well known
for its automotive capabilities, and competes on a world stage, especially in terms of car manufacturing. The area has a substantial advanced
automotive industry and supply chain, thanks to Jaguar Land Rover. We are seeing customers riding on the crest of a wave and seizing the supply chain opportunities arising through increased business confidence in the area. Manufacturing businesses are also seeing a shift in the exporting landscape, experiencing greater international demand for goods. A recent UKTI report highlighted the Midlands, specifically the West Midlands, as showing the largest increase in the value of exports than any other region in the UK. This is reflected in the feedback we are getting from customers who are experiencing increased demand for products and are consequently investing for growth, to steal a march on the competition.
‘The quality of lending proposals we’re receiving demonstrates that businesses are forward thinking’
We have most definitely seen an improvement in business confidence in the West Midlands in recent months. Our lending to businesses is growing, lending
values have increased and growth planning discussions are on the up. Importantly, the quality of lending proposals
we’re receiving demonstrates that businesses are forward thinking and looking to position themselves to seize opportunities and achieve meaningful business growth. There is a number of examples of local
businesses we have recently supported with finance for such growth plans, including the acquisition of new premises, new IT systems, and the purchase of machinery to improve factory performance. I have been hugely impressed by the innovation
we’re seeing from businesses in the West Midlands in terms of product design and development, which in my opinion is second to none, with business leaders taking a thoughtful and professional approach to seizing opportunities. While access to finance is of course an important part of the equation, the increased investment in research and development is really
paying dividends. This on-going investment in innovation has seen some of our customers develop fantastic products and processes which have appeal at home and abroad, allowing them to improve their competitiveness and increase their share within the markets in which they operate.
Roy Harris, HSBC Midlands commercial director
The overall picture is really positive, and now is the time for businesses to access advice and support to help them plan and invest for growth, both domestically and internationally.
• New climate of growth for British business – see Finance page 38
MAY 2014 CHAMBERLINK 5
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