Here are some examples of how the cashback* calculation will work. Please note: if 90% of the loan is not applied towards eligible purposes then no cashback is payable:
- A self-employed electrician working in London would like to borrow £25,000 to purchase an electric van. This will enable them to drive an efficient vehicle and reduce costs through congestion charge areas and ultra-low emission charges. They would like to use the HSBC UK Green SME Fund to access the cashback. As more than 90% of the loan was used for eligible purposes, the cashback will be provided on the total loan which equates to £250.
- A company looking to retrofit solar panels to production facilities to support the generation of renewable energy will cost £10,000 and upgrading vehicles to fully electric will cost £120,000. Total approved loan £130,000. As at least 90% of the loan was used for eligible purposes they will receive cashback on the total loan value which equates to £1,300.
* The 1% cashback may be available to customers who can evidence that at least of 90% of their term loan has been applied for “green” purposes under the Eligibility Criteria. The cashback payment is calculated as 1% of the aggregate drawdowns in the 12-month period after the first drawdown.