Funds will create new region in the U.S.,
extending Endeavor programs to entrepreneurs to Western New York
region, and fund critical research
85% of
existing programs focus on helping entreprenuers of color with
start-ups; HSBC-funded research from Endeavor shows critical need
to emphasize scaling minority- and female-owned
businesses
HSBC Bank USA (HSBC) today announced a two-year, $1.3 million
grant to Endeavor, the world’s leading non-profit organization that
supports high-impact entrepreneurs through access to markets,
capital, talent and a global network of resources.
The HSBC grant will support Endeavor’s expansion into Western
New York. Gregory Duval, Regional Executive and Managing Director,
Great Lakes Region, and US Head, Transportation and Logistics
Sector Coverage for HSBC Commercial Bank, will join the board of
the Endeavor Western New York Region.
“I’m excited about the positive impact we could have on local
businesses and the Western New York economy,” Duval said. “As a
Buffalo native who has worked in this region for nearly all of my
professional life, I know this region is rich in great people with
great ideas, and I look forward to partnering with Endeavor to turn
this native entrepreneurial spirit into successful businesses.”
To date, Endeavor has supported more than 1,100 businesses in
over 30 countries and six U.S. cities, resulting in the creation of
2 million jobs. On average, businesses supported by Endeavor
generate $5 million in revenue annually.
In the United States, Endeavor identifies communities with
untapped entrepreneurial potential and where business founders face
challenges such as ready access to skills, training, support and
venture capital that are needed for start-ups to successfully scale
and grow.
”We’re thrilled to be working with HSBC to continue Endeavor’s
growth in North America. This relationship opens new possibilities
our U.S. entrepreneurs and international entrepreneurs who are
expanding into the U.S. market,” said Endeavor Co-founder and CEO
Linda Rottenberg.
The HSBC grant along with support from the Kauffman Foundation
also has helped Endeavor Insight, the research arm of the
organization, conduct new research on entrepreneurs of color and
female entrepreneurs. According to Endeavor, more than 85 percent
of organizations that support black and Hispanic entrepreneurs only
support start-ups, entrepreneurs of color and women entrepreneurs
are successfully scaling their businesses at lower rates than
entrepreneurs overall, Endeavor Insight has found.
Endeavor’s partnership with HSBC will focus on supporting small
and medium sized businesses achieve scale, yielding economic and
community benefits in the form of more employees, more customers
and more revenue.
“We’ve been supporting business owners in Harlem since 1967, and
have seen time and time again the challenges that entrepreneurs of
color face in moving from the start-up stage to a growing
business,” said Kelvin Collins, CEO of Harlem Commonwealth Council.
“HSBC and Endeavor have identified an important need, and their
partnership could help achieve important benefits for
entrepreneurs, their companies and their communities.”
In addition to the Western New York expansion and supported
research, HSBC will also launch a mentoring program where HSBC
bankers will share their expertise with Endeavor Entreprenuers.
Note to editors:
ABOUT HSBC
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; Connecticut;
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. HSBC Bank USA, N.A. is a Member of
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, the parent company of HSBC, is
headquartered in London. HSBC serves customers worldwide from
offices in 66 countries and territories in our geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of $2,659bn at 31 March 2019,
HSBC is one of the world’s largest banking and financial services
organizations.
ABOUT ENDEAVOR
Endeavor is a mission-driven, global organization leading the
high-impact entrepreneurship movement. Endeavor was founded on the
belief that job creation, innovation, and overall prosperity
flourish where there is robust support for high-impact
entrepreneurs. Launched in 1997, Endeavor has established a
presence in nearly 40 markets across Latin America, Asia, Africa,
Middle East, and underserved areas of Europe and the United States.
Today, Endeavor supports over 1,800 high-impact entrepreneurs at
the “scale-up” stage, offering them a best-in-class seal of
approval, an unrivaled personal and professional network,
frictionless co-investment capital, and peer-to-peer idea exchange
in a truly global setting. In 2018, Endeavor companies generated
over $20BN in revenues and created over 2MM+ jobs in their markets.
Endeavor’s ultimate aim is a more equitable and prosperous future
for everyone.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190627005513/en/
Media enquiries to: Rob Sherman (212) 525-6901
robert.a.sherman@us.hsbc.com US Head of Media Relations HSBC Liza
Weingarten (646) 345-3311 liza.weingarten@endeavor.org Marketing
and Communications Manager Endeavor
HSBC (NYSE:HSBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
HSBC (NYSE:HSBC)
Historical Stock Chart
From Apr 2023 to Apr 2024