HSBC North America (HBC) has begun a program to help companies participate in the U.S. export boom.
HSBC's banking unit announced Monday a loan program that will offer up to $1 billion to U.S. businesses to finance exports or expand internationally. The program began this month and will run for 18 months.
U.S. businesses with annual revenue of $3 million to $500 million can apply for the loans, the $183 billion-asset bank said.
"This loan program will foster some exciting new activity for U.S. businesses in the global marketplace," Steve Bottomley, group general manager and regional head of commercial banking, North America, said in a press release.
A growing number of banks have been responding to the increase in U.S. exports by expanding their trade-finance units. HSBC said that the value of exports by its U.S. clients rose 30% last year, to $5.5 billion.