Cloud and managed communications services company, Maintel, has secured a £26m Sustainability Linked Loan (SLL) from HSBC UK to refinance existing debt whilst supporting ambitious ESG targets. It is the first business in the technology sector to secure an SLL with HSBC UK.

HSBC UK’s SLL not only provides Maintel with required financing but also bolsters its commitment to its ESG targets through building clear deliverables into its funding agreement and improving Maintel’s ability to continually reinvest in ESG through the new funding agreement.

The business has a robust ESG strategy that aligns with the UN’s Sustainable Development Goals. Key initiatives range from lowering greenhouse gas emissions through operational efficiencies and cloud-based product offerings for customers; to planting a Maintel ‘forest’ and delivering social value improvements through national and community-based charity work. Maintel’s strategy has been developed out of a desire to ensure the business takes a proactive approach to providing not only the best possible commercial advantages to its clients, stakeholders and employees, but also through creating societal benefit for those groups and the communities in which it operates.

Ioan MacRae, CEO at Maintel, said: “As a business with an eye on the future, it’s really important that our partners and the decisions we take across the company contribute to society and the environment in a meaningful way.

“The Sustainability Linked Loan gives us a real opportunity to invest in the right decisions for our business as a technology company, while staying ambitious on our ESG journey. We are delighted to be working with HSBC UK to help us make both those things happen.”

MHSBC has committed to providing between $750bn to $1trn of sustainable financing and investment globally, by 2025, and this deal marks the development of what the bank sees as an emerging trend toward sustainable financing in the technology sector.

Roland Emmans, Head of Technology Sector at HSBC UK, commented: “Maintel has made significant capital and internal investment to develop a robust, ambitious ESG programme. As the UK strives to hit environmental targets and consumers demand greater action from businesses to deliver positive societal impact, we expect that Maintel will be the first of many technology businesses to commit to ESG through embedding their finances into those strategies, too.”