VANCOUVER—HSBC Bank Canada says it has earmarked $1-billion over the next 18 months to help Canadian small and medium-sized firms expand their international business.
Available to both new and existing HSBC customers, the funds are available to qualifying small- and medium-sized enterprises (SMEs) with annual revenues of $3-million to $250-million and an interest in cross-border trading or global expansion, according to the financial firm.
HSBC’s February 2013 Global Connections Trade Forecast report revealed that, while the top three markets for Canadian exports are the United States, United Kingdom and China, the fastest growing corridors of Canada’s export growth by 2030 will be Asia and the Middle East.
In addition, exports to the euro zone and Latin America are projected to grow by at least 10 per cent over the same period.
“Statistics show that Canadian companies who do business internationally tend to grow faster over the longer term than companies focused solely on domestic activity,” Linda Seymour, HSBC Canada executive vice-president and head of commercial banking, said in a statement.
“Throughout its history, HSBC has been connecting customers to opportunities, enabling business to thrive and economies to prosper, and this initiative builds on that tradition.”