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 program’s launch in July 2013.
“The program has really struck a chord. We’ve 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.