HSBC is the First Bank to Join Walmart’s Initiative to Improve Access to Working Capital for Diverse and Minority Suppliers in the US

Published 3 years ago via Business Wire

Bank to provide additional funding capabilities for program which offers qualified suppliers faster payments at improved rates

HSBC Bank USA has become Walmart’s first banking collaborator supporting its initiative to make access to working capital affordable, transparent and more equitable. The financing program, working with C2FO, provides certified diverse and minority suppliers1 with convenient and consistent access to reliable funding sources. The funding could in turn be applied to initiatives that spur growth and improve resiliency such as hiring more employees, investing in innovation, and creating a cash cushion for leaner times.

This initiative supplements an existing HSBC and Walmart program that pegs a supplier’s financing rate to Walmart’s sustainability standards. Walmart suppliers who demonstrate progress in sustainability credentials and help with Walmart’s initiative to reduce one billion metric tons of greenhouse gases from their global value chain by 2030 (Project Gigaton) have access to improved financing from HSBC.

“Minority-owned and diverse businesses face significant barriers to access capital so we are excited to help these businesses receive the funding they need to prosper,” said Priyamvada Singh, Head of North America Global Trade and Receivables Finance Product at HSBC. “It’s always great to team up with clients 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 US which includes solutions that help clients advance their social goals around diversity and equity.

Notes to editors:

About HSBC

HSBC USA

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. 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, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.

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1 https://corporate.walmart.com/suppliers/supplier-inclusion

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