Sign In  |  Register  |  About San Rafael  |  Contact Us

San Rafael, CA
September 01, 2020 1:37pm
7-Day Forecast | Traffic
  • Search Hotels in San Rafael

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

HSBC Venture Debt Program Will Reserve $100 Million in Lending to Support Startups Founded and Led by Women and Minorities

Flexible capital provided at an early stage will bridge the gender and racial gap for companies seeking funding for growth.

HSBC today announced that it will allocate $100 million in lending for companies that are founded and led by women and minorities through HSBC Ventures, which provides capital to startups and early-stage businesses around the world.

“Venture growth financing is critical to furthering innovation for early-stage companies that need capital,” said Martin Richards, President of HSBC Ventures. “It’s critical to provide financial support to founders who are historically underrepresented, so that their creativity and ingenuity has a runway to grow, expand and lead to lasting, positive change.”

According to published reports, venture capital funding to women-led companies fell during the global pandemic. Data shows that the proportion of dollars to female-only founders declined to 2.3% in 2020 compared to 2.8% in 2019. From 2015 to 2020, only 2.4% of venture capital funding was allocated to Black and Latinx founders.*

Venture growth financing is a type of loan designed for early-stage companies with venture capital backing, which can help companies extend their funding runway to their next equity raise, be more agile with investments or acquisitions, and provide a safety net for unforeseen events. Customers of HSBC Ventures can leverage the full resources of the bank, which includes an unparalleled international footprint, a comprehensive set of commercial and investment banking products and decades of experience supporting early stage, growth stage, pre-IPO and public companies.

“The most innovative companies of our time have relied on venture growth financing, and we’re excited to support the next generation of founders and start-up leaders with unique perspectives from diverse backgrounds,” said Prasant Chunduru, Global Head of Venture Debt.

Earlier this month, HSBC Ventures announced that it would reserve $100 million in loan funding for clients who are developing climatetech solutions and supporting a net-zero global economy.

*Diversifying Startups and VC Power Corridors, TechCrunch, August 29, 2021.

Note 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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanRafael.com & California Media Partners, LLC. All rights reserved.