HSBC Guernsey Commercial Banking team has supported the Guernsey Recycling Group (GRG) with an innovative sustainably focused funding structure.
The structure will enable the Group to pursue its growth strategy in the Bailiwick and beyond, including making a series of acquisitions in the waste management and recycling sector and allowing it to diversify its services and expand into different locations.
GRG, which HSBC has worked with for ten years, is headquartered in Guernsey but has operations in Jersey, the UK and the Cayman Islands, employing over 200 staff. The Group specializes in waste management solutions for island economies as well as in the disposal of hazardous and liquid waste.
The Green Loan scheme, introduced in the Crown Dependencies by HSBC last year, offers corporate customers the opportunity to borrow money specifically to support an environmental endeavour.
Paul Smith, Country Head of Corporate and Commercial Banking, Guernsey, said: “GRG, with its Guernsey heritage, international aims and focus on a sustainable future, is a perfect example of the kind of organisation we set out to support with our Green Loan facility and how the financial sector can support businesses with their sustainability targets.
“This is a unique and innovative loan arrangement in Guernsey and, as long-standing customers, we are delighted to be working with GRG to support their growth ambitions.
Mike Grime (pictured), Managing Director, GRG, added: “Sustainability is at the heart of everything we do – something HSBC understood straight away when discussing our growth strategy. Today at GRG we recycle or recover more than 95% of our waste materials, and with this additional funding we can develop our group to improve the sustainability performance of the waste we manage, keeping us in a market leading position in the years ahead.”