Bibby Financial Services (BFS) has secured a new three-year €150 million funding agreement with HSBC as part of its strategy to boost its support for SMEs across Europe.

The funding is available for new and existing SME customers to access and will take BFS’ total funding capability across Europe to €1.1 billion.

Steve Box, international CEO at BFS, said: “Our new funding agreement signals our commitment to SMEs and will enable businesses throughout Europe to invest, recruit and grow with confidence.”

BFS supports working capital requirements for SMEs trading in a business-to-business capacity from start-ups to businesses with a turnover of up to £10m. It has more than 30 operations throughout Europe, including Poland, Germany, France, Slovakia, Czech Republic, the Netherlands, Ireland and the UK.

The agreement with HSBC allows BFS’s European subsidiaries, outside of the UK, to access funds to help SMEs to connect to trading opportunities both domestically and internationally.

Dan Howlett, HSBC’s head of corporate banking, said: “Bibby Financial Services has ambitious plans to support customers investing for growth across Europe. With our global reach, connectivity and strong capital base, HSBC is in a prime position to help corporate businesses explore domestic and global opportunities.”

Box added: “Our aim is to continuously grow our funding support for businesses, working closely with our banking partners to fuel economic growth throughout Europe.

“Businesses across the world are becoming more aware of the range of financing options available to them and our new funding availability will enable us to respond to an increasing demand for receivables and trade finance.”