By Jonathan Davies

HSBC has launched a £450 million funding package for small and medium-sized enterprises (SMEs) in Wales.

It is the renewal of a scheme run by the bank last year. But HSBC has added £50m to what it describes as 'its most ambitious package of support for SMEs in Wales'.

HSBC said that all security fees on loans between £1,000 and £30,000 will be waived and refunded until the end of July.

Nigel Davis, regional director of business banking in Wales, said: “Today we are announcing our largest ever package of support for SMEs in Wales including a £450m fund for lending and a promotion designed to make it cheaper and simpler to access funding.

SMEs in Wales are ambitious and we are open for business and ready to help them invest to grow."