HSBC is the first bank to join Walmart’s initiative to improve access to working capital for diverse and minority suppliers in the US. The bank is set 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 suppliers 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.
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