HSBC Bank USA is expanding its loan program for small and midsize businesses that seek global growth.
The $175 billion-asset company said Wednesday that $3 billion will be added to its international loan fund. HSBC started the program in July 2013 with $1 billion in funding, and it added another $1 billion at the start of this year.
Businesses with annual revenue of $3 million to $500 million that are focused on cross-border trade or global expansion are eligible. The program, which works with companies in over 60 countries, runs through December 2015. It is only accepting applications for new business loans, HSBC said in a press release.
"We've been impressed by the pace with which businesses around the country and across industries have taken advantage of the program," Steve Bottomley, group general manager and head of commercial banking for HSBC in North America, said in the release.
U.S. exports hit a record high of $2.3 trillion in 2013 and supported 11.3 million jobs, the International Trade Association said. Additionally, global trading is expected to grow annually by 8% beginning in 2016, according to HSBC's Global Connections Trade report, compared with 2.5% last year. Exports to China and India are projected to grow 9% a year on average through 2030, the report said.