HSBC North America is doubling its international loan program with an eye on emerging international markets.
HSBC's banking unit announced Tuesday that it is expanding its international loan program to $2 billion after reaching its initial goal of $1 billion within the first six months of launching it in July. The loan program is focused on facilitating small and midsize companies' export and expansion efforts internationally.
"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," HSBC Regional Head of Commercial Banking Steve Bottomley said in a press release.
According to its most recent trade report, HSBC says its predicts growth from emerging markets, citing Brazil and India as future top-five buyers of U.S. products, along with Canada, China and Mexico.
"Research shows there is a consistent and positive link between small and medium size companies' capital investments and innovation and export success," HSBC Executive Vice President and Head of U.S. Business Banking Mark Luppi said in the release.
The international loan program is available to any business with between $3 million and $500 million in annual revenue that is interested in cross-border trading or global expansion. The program runs through December 2014.