HSBC Increases Int’l Loan Program to $5 Billion as U.S. Businesses Continue to Seek Global Growth
HSBC Bank USA, N.A. today announced it is adding $3 billion more to its international loan program, raising the program’s total funding to $5 billion, as demand by U.S. small and medium size businesses looking to export or expand internationally continues to rise.
“Since launching this program last year, we’ve been impressed by the pace with which businesses around the country and across industries have taken advantage of the program to capture international growth market opportunities,” said Steve Bottomley, Group General Manager, Senior Executive Vice President and Head of Commercial Banking for HSBC in North America. “We’re expanding the program today – our third time in 15 months — to satisfy the demand by companies who want financing to grow and compete. International trade and financing is critical not only for U.S. companies who want to excel, but also for the wider U.S. economy.”
In 2013, U.S. exports hit an all-time record of $2.3 trillion and supported 11.3 million U.S. jobs, directly and indirectly, according to the U.S. International Trade Administration. The latest HSBC Global Connections Trade report shows that developing economies, such as China and India, present the best U.S. trade prospects, with U.S. export growth to average nine percent a year to each country through 2030. Additionally, global trade is expected to grow annually by eight percent beginning in 2016 from 2.5 percent in 2013, as businesses capitalize on the rise of the emerging market consumer and developing markets stabilize their productivity levels for the future.
Furthermore, U.S. companies who do business internationally tend to grow faster and more consistently over the longer term than companies focused solely on domestic activity, according to HSBC’s Spotlight on U.S. Trade, a series of reports analyzing the performance of select publicly-traded companies in key regions around the U.S.
“U.S. small and medium size businesses are key contributors to U.S. exports and domestic job growth,” said Derrick Ragland, Executive Vice President and Head of U.S. Middle Market Corporate Banking, HSBC Bank USA, N.A. “Helping them secure financing to tap into the growing buying power of emerging economies to thrive is essential. With HSBC’s global footprint, heritage and expertise in connecting customers to international opportunities, we want to help them build their cross-border trade activity now and in the future.”
HSBC launched its international loan program for U.S. small and medium size businesses seeking to export or expand internationally in July 2013 with $1 billion in funding. It doubled the program to $2 billion at the start of 2014, and today’s addition of $3 billion more raises the program’s total funding to $5 billion.
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 2015.
For more information on HSBC’s international loan program, please visit: us.hsbc.com/seeit
Notes to Editors
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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 almost 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
About HSBC Bank USA, N.A.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with total assets of US $174.6bn as of 30 June 2014 (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 240 bank branches throughout the United States. There are over 155 in New York State as well as branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; Oregon; Pennsylvania; 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.
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