HSBC launches US$272m SME trade fund

Fund will target small to mid-sized firms with international trading requirements
HSBC launches US$272m SME trade fund
By Massoud A. Derhally
Tue 15 May 2012 02:34 PM

Lender HSBC has started an AED1bn (US$272m) International Trade SME Fund, 30 percent of which will be allocated to Emirati-owned businesses.

The fund, the third tranche in the bank's SME fund programme, focuses on SMEs with international trading requirements, the bank said in an e-mailed statement. 

About 76 percent of mid-sized companies carry out cross border business, and over 90 percent of UAE-based businesses are currently involved in international trade.

About 67 percent of the bank's initial fund was awarded to customers that required international trade facilities, while 87 percent of HSBC's second fund was allocated to internationally-oriented SMEs.

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