The funding is expected to create at least 4,000 jobs and unlock around £500 million of new investment by small and medium businesses (SMEs).

RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million - which is part of the government's Regional Growth Fund. RBS and NatWest will facilitate £70 million and HSBC will facilitate £25 million. The banks will not profit financially from the administration of these schemes.

HSBC will receive £25 million from the Government's £1.4 billion Regional Growth Fund (RGF) to support small and medium-sized businesses in England that are recruiting new employees, to purchase assets such as machinery and vehicles.

HSBC is creating an 'Assisted Asset Purchase Scheme' that will enable qualifying businesses to receive additional funds of up to £500,000 to put towards the acquisition of assets, which would not be funded under normal commercial terms. The Assisted Asset Purchase Scheme will provide a grant of up to £25,000 for each additional full time position created by the acquisition of a new asset.

CLICK HERE for key details of the RBS, NatWest and HSBC schemes