HSBC is the first bank to join Walmart’s initiative to improve access to working capital for diverse and minority vendors in the United States
NEW YORK–(COMMERCIAL THREAD) – HSBC Bank USA has become the first Walmart bank employee to support its initiative to make access to working capital affordable, transparent and fairer. The financing program, in collaboration with C2FO, provides certified diversified and minority suppliers1 with convenient and consistent access to reliable sources of funding. The funding could in turn be applied to initiatives that drive growth and improve resilience, such as hiring more employees, investing in innovation, and creating a cash cushion for periods more difficult.
This initiative complements an existing HSBC and Walmart program that links a vendor’s funding rate to Walmart’s sustainability standards. Walmart suppliers who demonstrate progress in sustainability and contribute to Walmart’s initiative to reduce one billion metric tonnes of greenhouse gases from their global value chain by 2030 (Gigaton Project ) have access to enhanced financing from HSBC.
“Minority-owned and diverse businesses face significant barriers to accessing capital, so we are delighted to help these businesses receive the financing they need to thrive,” said Priyamvada Singh, Head of Global Trade in North America and debt financing products at HSBC. “It’s always great to team up with customers who share our commitments, and we look forward to continuing this journey with Walmart. ”
Last year, HSBC adopted a framework to advance inclusion in the United States, which includes solutions that help clients advance their social goals for diversity and equity.
Notes to Editors:
HSBC United States
HSBC Bank USA, National Association (HSBC Bank USA, NA) serves clients in the Retail and Wealth Management, Commercial Banking, Private Banking, World Bank and Markets segments. It operates bank branches in: California; Washington DC; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, NA is the principal subsidiary of HSBC USA Inc., a wholly owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, NA, Member FDIC, services Investment and brokerage services are provided by HSBC Securities (USA) Inc., (NYSE / FINRA / SIPC member) and insurance products are provided by HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers around the world from offices in 64 countries and territories in its geographic regions: Europe, Asia, North America, Latin America, Middle East and North Africa. With assets of US $ 2,976 billion as of June 30, 2021, HSBC is one of the world’s largest banking and financial services organizations.