As the pace of recovery remains sluggish in the U.S., more and more companies are looking to the global markets for growth. According to the Small Business Administration, small businesses contribute 34% of total U.S. export dollars and make up roughly 98% of all exporters.
The program is open to established businesses that have annual revenue between $3 million and $500 million, but may or may not have dipped their toes into the international markets. HSBC launched the 18-month loan program on Monday.
"This loan program provides vital financing and support to help U.S. small and medium size companies grow, especially as many businesses continue to be challenged by sluggish domestic growth and increased competition," Mark Luppi, HSBC's head of U.S. Business Banking, said in a press release. "Putting financing into the hands of small and medium sized businesses is critical as they make up more than 97% of all U.S. exporters.""Based on the research we've done, 27% of small businesses are doing some sort of cross-border
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