HSBC is one of the world’s largest banking and financial services organisations and it serves millions of customers worldwide. The bank was founded in 1836 to facilitate trade between Europe and Asia.
HSBC has a high rate of approval for business lending (93% for loans up to £30,000, as of 2017) and says it is committed to helping British businesses take the first necessary steps to scale the ladder of success. If you need a loan, you can apply via the HSBC site.
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Table: promoted deals first
| Minimum trading period | Not specified |
|---|---|
| Loan terms | From 12 to 240 months |
| Loan amounts | From £1,000 to £25,000,000 |
| Minimum turnover | Not specified |
HSBC offers fixed rate loans for small businesses looking to borrow up to £10,000,000, with loan terms between 12 and 12 years. HSBC small business loans have a representative APR of 7.1% for loans between £1,000 and £10,000,000.
If you already have an HSBC Business Current Account, you can borrow money without needing to use security (subject to approval) by using a business overdraft. The interest rate you receive will be linked to the Bank of England base rate. Learn more about business banking.
HSBC asset and equipment finance is designed to let your company access better equipment, vehicles and software today, rather than having to save and wait. You can learn more about asset financing or compare deals from a range of lenders.
HSBC small business loans have a 7.1% representative APR on loans between £1,000 and £10,000,000, but the interest rate you receive will vary based on your business’ application and financial situation, as well as the size and length of your loan.
HSBC business overdrafts have a variable representative EAR of 11.19%, with the overdraft facility offered with at least a 4% margin over the Bank of England base rate.
You should only apply for a HSBC business loan if you’re certain you can meet the repayment terms.
Here are the criteria that you will personally need to meet in order to be eligible for an HSBC Small Business Loan:
HSBC will need to know the following:
HSBC states that its business loans should not be used for anything other than the purpose of investing in your business. Absolutely no personal purchases are allowed.
HSBC received a high score in our 2024 customer satisfaction survey, with 97% of its business loan customers saying they would recommend the brand to a friend. Many respondents said how impressed they were by the customer service, while others commented on how good the loan rates were. One HSBC business loan customer described how it was “an easy process, with a decent interest rate and dedicated staff”.
On Trustpilot, however, HSBC bank as a whole is rated “Poor”, with a score of 1.9 out of 5 stars based on over 9,100 reviews (updated October 2024). Some of the customers posting negative reviews on this platform cited the unexpected closure of their bank account, as well as difficulties with the customer services team.
The HSBC app has a rating of 4.8 out of 5 stars based on more than 1.4 million reviews on the App Store, and a rating of 4.7 out of 5 stars based on over 309,000 reviews on the Google Play Store (updated October 2024).
There are very few references to HSBC business loans on Reddit, with a handful of users on the forum mentioning they had not been successful in their business loan applications.
Looking for something else? Outside of the HSBC services listed above, you could also consider the following finance products for your business.
Get a lump sum upfront to repay in-line with volume of future sales. Compare deals and learn how business cash advances work.
Borrow only as much as you need, when you need it, then repay on terms that suit you. Compare a range of lenders.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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