HSBC, the high street bank, has created a £6 billion pot to provide funding for growing businesses across the UK.

The funding will be allocated via the bank’s 52 business centres. Businesses with annual sales below £30 million can apply for a loan.

The announcement coincides with a new HSBC report, which estimates smaller businesses will increase investment in growth by 7.1 per cent this year.

Before the recession beginning in 2008 the average annual investment was just 3.6 per cent.

HSBC head of business banking Amanda Murphy said the fund would target ambitious British businesses with plans to invest and grow.

“We want to support their ambitions by significantly increasing our net lending to businesses,” she said.

“We are helping more than 6,100 businesses start up every month, and want to support our hard working small and medium business owners on their drive for growth.

Ms Murphy added: “We have put the funds into the hands of our local relationship managers to empower them to identify and work with ambitious companies in their area.”