HSBC has announced an increase to its international loan programme in the US amid growing demand from SMEs looking to export.

Launched in July 2013 with US$1bn of funding, HSBC doubled the programme to US$2bn at the start of the year. The bank is now adding US$3bn to the programme, raising its total funding to US$5bn.

“We’re expanding the programme for the third time in 15 months to satisfy the demand by companies who want financing to grow and compete,” says head of commercial banking for HSBC in North America, Steve Bottomley.

“Since launching the programme last year, we’ve been impressed by the pace with which businesses around the US and across industries have taken advantage of the programme to capture international market opportunities.”

The programme is available to firms with at least US$3mn to US$500mn in annual revenue that are focussed on cross-border trade or global expansion.

Following a record high in US exports of US$2.3tn in 2013, the bank predicts that emerging markets, like China and India, present the best opportunities for US SMEs going forward. According to HSBC’s latest Global Connections Trade Report, US export growth will average 9% a year to these countries through to 2030.

“Helping SMEs secure financing to tap into the growing buying power of emerging economies to thrive is essential,” says head of US middle market corporate banking at HSBC, Derrick Ragland. “With the bank’s expertise in connecting customers to international opportunities, we want to help them build their cross-border trade activity now and in the future.”