HSBC Bank USA N.A. recently initiated a $1 billion dedicated loan program for small- and medium-size businesses possessing a global perspective.
HSBC operates 11 branches in Westchester County.
For the next 18 months the loans will target businesses seeking to export or expand internationally; to help companies find global growth opportunities; and to further accelerate global business growth through local enterprises.
The program is open to new and current HSBC customers with annual revenue of $3 million to $500 million and interest in cross border trading or global expansion. It begins this month with business loan-dedicated HSBC personnel on hand to facilitate the process.
“To thrive today, more U.S.-based small and medium size companies are looking for growth opportunities abroad,” said Steve Bottomley, HSBC group general manager and regional head of commercial banking for North America. “HSBC is launching this program to provide financing to businesses with international aspirations or expansion plans.”
HSBC said its research shows that U.S. companies have benefited from global expansion and export trends.
HSBC”™s “Spotlight on U.S. Trade,” a series of reports analyzing publicly-traded companies in key regions around the U.S., showed that global businesses based in upstate New York achieved almost three times the growth rates and earned over 10 percent more in revenue 2007-2011 than their regional domestic-only peers.
HSBC said the value of U.S. exports destined for the economies of Asia (excluding Japan) are forecast to rise at an average annual rate of 9 percent throughout the period 2021-2030.
Small- and medium-sized businesses make up more than 97 percent of all U.S. exporters, according to HSBC.
