B-Corp™ certified businesses can now receive fee discounts on selected products as part of a new HSBC UK initiative.
The initiative – launched during London Climate Action Week – forms part of HSBC’s ambition to provide and facilitate between $750bn and $1tn of sustainable finance and investment by 2030.
The Business Impact Initiative (BII),1 a new sustainable finance proposition developed with support from B Lab UK, offers an up-front fee discount to eligible small to medium-sized businesses that hold a valid B Corp ™ certification – a globally recognised standard for social and environmental responsibility.
Eligible B Corp ™ Certified businesses2 can access discounted fees on a range of HSBC UK business loan and trade products, on facilities starting at £300,0003. Facilities can be used for any corporate purpose.
There are around 2,900 B Corps in the UK, spanning a wide range of sectors. Through BII, eligible customers can benefit from a sustainability-linked finance option designed to be simple and transparent.
Rob King, Head of Sustainable Finance & Transition HSBC UK, said: “We are delighted to launch the HSBC Business Impact Initiative to help incentivise businesses that are increasingly expected by their customers, employees – and society at large – to be having a positive impact in their community, and incorporate sustainability into their working practices, all while driving growth and building their own long-term resilience.
“B Corp ™ certification verified by B Lab UK is a signal that a business is committed to its standards of social and environmental performance.
“Launching the Business Impact Initiative during London Climate Action Week underlines our focus on backing businesses that are building a more sustainable economy, with a tangible pricing benefit that supports their growth.”
Rosalind Holley, Director at B Lab UK, added: “By recognising businesses that meet verified standards of social and environmental practices, HSBC UK’s Business Impact Initiative sends an important signal about the role finance can play in accelerating a more inclusive, equitable and sustainable economy.
“As the challenges facing people and the planet become increasingly complex, collaboration between businesses, financial institutions and policymakers will be essential.
“We welcome initiatives that reward companies taking meaningful action and helping make responsible business practices the norm rather than the exception.”
