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HSBC Doubles Loan Program to $2 Billion for U.S. Small and Medium Size Businesses Seeking International Growth
28 January 2014
HSBC adds another $1 billion after initial $1 billion target met in six months
NEW YORK - HSBC Bank USA, N.A. today announced it will add another $1 billion to its international loan program for small and medium size businesses in the U.S. looking to export or expand internationally, having reached its initial $1 billion target within only six months of the programâs launch in July 2013.
"The program has really struck a chord. Weâve seen interest from a wide variety of U.S. companies and industries that are eager to seize the opportunity to tap fast growing markets around the world to grow and compete," said Steve Bottomley, HSBC Group General Manager and Regional Head of Commercial Banking, North America. "We're doubling the program to $2 billion so that we can provide even more U.S. businesses with access to financing, as well as HSBC's unmatched global footprint and expertise, to help them and the U.S. economy grow."
The latest HSBC Global Connections Trade report predicts that growth for U.S. exporters will come more from emerging markets than from developed economies in coming years. Canada, China and Mexico will remain top markets for U.S. exports, however by 2030 Brazil and India will overtake Japan and the U.K. to complete the five largest buyers of U.S. products.
"Research shows there is a consistent and positive link between small and medium size companies' capital investments and innovation and export success," said Mark Luppi, HSBC Executive Vice President and Head of U.S. Business Banking. "We'd like to encourage small and medium size American businesses to consider HSBC's $2 billion international loan program as an effective resource to propel their operations abroad."
U.S. companies have benefitted from global expansion and export trends, according to HSBC's Spotlight on U.S. Trade, a series of reports analyzing publicly-traded companies in key regions around the U.S. The series showed that U.S. companies with higher levels of global sales and operations had profit margins that were almost triple those of their more domestically-oriented peers during the years 2007 to 2012.
HSBC's international loan program is available to businesses with at least $3 million to $500 million in annual revenue, and who are focused on cross border trading or global expansion. Only applications for new business loans will be accepted and all of HSBC's usual credit and lending criteria apply. The program runs through December 2014.
"Over the last few years, HSBC has expanded its reach by adding new offices in top U.S. markets with high export sales," said Derrick Ragland, Executive Vice President and Head of U.S. Middle Market Corporate Banking, HSBC Bank USA, N.A. "Together with our $2billion loan program, this demonstrates our commitment to helping internationally-minded U.S. businesses get the support and financing they need to grow."
For more information on HSBC's international loan program, please visit:us.hsbc.com/seeit
Notes to editors:
About HSBC Commercial Banking
For nearly 150 years we have been where the growth is, connecting customers to opportunities. Today, HSBC Commercial Banking serves businesses ranging from small enterprises to large multinationals in over 60 developed and faster-growing markets around the world. Whether it is working capital, trade finance or payments and cash management solutions, we provide the tools and expertise that businesses need to thrive. With a network covering three quarters of global commerce, we make HSBC the world's leading international trade and business bank.
For more information see www.hsbc.com/1/2/business-and-commercial
HSBC Bank USA, National Association, with total assets of $183.9bn as of 31 March 2013 (US GAAP), serves 3 million customers through retail banking and wealth management, commercial banking, private banking, asset management, and global banking and markets segments. It operates more than 250 bank branches throughout the United States. There are over 165 in New York State as well as branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; Pennsylvania; Oregon; Virginia; and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a member of the FDIC.
- Laura Sheridan Powers
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