HSBC has announced that its second $100 million SME fund, a dedicated fund for United Arab Emirates (UAE) SMEs, has been fully allocated after only three months. The SME fund is part of HSBC's ongoing commitment to the growth and success of the SME sector in the UAE. Rana Al Emam, Head of Business Banking, UAE, said, "SMEs are absolutely central to the local economy and at HSBC we understand our customers need funding if they want to grow. In fact, this is the second $100 milliom SME fund we've launched, and this fund was fully allocated twice as fast as the first. This speed of allocation suggests to us that SMEs are keen to expand, but are constrained in their access to funds.
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