This major bank offers a personalized experience — but you’ll need to reach out for basic information.

  • Best for established businesses with an HSBC account looking for a medium-size loan.
  • Pick something else if you want transparent terms and an online application process.

    Details

    Product Name HSBC small business loans
    Loan Term Varies
    APR Varies
    Requirements You must be at least 18 years old, US citizen or permanent resident, must have demonstrable consistent income and desired loan amount.

    Application Criteria

  • You must be at least 18 years old.
  • You must be a US citizen or permanent resident.
  • You must have demonstrable, consistent income that can support your existing debt obligations and desired loan amount.

How much will this loan cost me?

The cost will depend on the loan amount, terms and APR — which you’ll have to get through an HSBC representative. HSBC considers each loan unique and sets its terms on a case-by-case basis. Everything is computed by the bank per application, making it difficult to pin down set minimums, maximums, rates or terms before applying.

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How it works

HSBC’s term loans have a fixed APR, so you can expect a standard payment each month. Because HSBC has a high maximum revenue requirement, you are able to request large loans. The APR and term you’re given will be determined by your business’s financial information.

What do I need to qualify?

HSBC only has two requirements on its website:

  • Annual revenue of $5 million
  • Based in the US

You and your business may need to meet additional requirements depending on the amount you need to borrow and how you plan to use your funds.

What information do I need to apply?

The specific documents you need to provide will vary. In general, you will need to demonstrate that it is profitable and can easily repay your loan. An HSBC representative will be able to outline what documents you should bring when you book an appointment.

What industries does HSBC work with?

HSBC doesn’t have a list of industries it lends to. However, it’s unlikely that you will qualify for a loan if your business is involved in a high-risk industry like cannabis or adult entertainment.

What other types of financing does HSBC offer?

Alongside its term loans, HSBC has lines of credit and SBA loans.

Lines of credit

Lines of credit can be used for working capital when you need a short-term expense covered. HSBC offers flexible repayment options. However, its variable rate is based on a prime rate set by the HSBC, not the Wall Street Journal — and HSBC doesn’t give an average spread.

SBA loan

HSBC is an SBA-approved lender. However, it doesn’t state what types of SBA loans it offers. So like its term loan and line of credit programs, you will need to reach out to an HSBC representative to find the best option for your business’s specific financial situation.

Pros

  • Flexible repayment options
  • Long customer service hours
  • Fixed and variable rates available

Cons

  • No online application
  • Extremely high annual revenue requirement
  • Must have an HSBC Fusion account

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