On Monday, August 9, HSBC Bank announced a collaboration with Walmart to help make access to working capital more affordable and transparent.
HSBC works with C2FO to give “diverse and minority suppliers” access to reliable sources of funding.
Read more: HSBC is the first bank to join Walmart’s initiative to improve access to working capital for diverse and minority vendors in the United States
This funding could be used to stimulate growth, add more employees, invest in innovation or provide a “cash cushion for tough times”.
HSBC and Walmart already had a program in place that tied a vendor’s funding rate to sustainability standards set by Walmart.
Walmart suppliers who have made strides in sustainability and those who have helped Walmart’s initiative reduce one billion metric tonnes of greenhouse gases from their global value chain by 2030 will be able to access enhanced HSBC financing.
“Minority-owned and diverse businesses face significant barriers to accessing capital, so we are delighted to help these businesses receive the financing they need to thrive,” said Priyamvada Singh, Head of Global Trade in North America and debt financing products at HSBC. “It’s always great to team up with customers who share our commitments, and we look forward to continuing this journey with Walmart. “
C2FO also recently partnered with Albertsons to enable various vendors to access advance payments.
Related: Albertsons, C2FO team on the Diversified Supplier Payment Program
While supplier diversity issues have long prevailed in the grocery world, Albertsons is part of a new collective working to tackle diversity issues. Jonathan Mayes, senior vice president and director of diversity and inclusion at Albertsons Companies, said the idea was to allow various vendors, which were often small businesses, to have more access to capital for them. help develop.
“Supplier diversity is a proven way to increase the financial performance of your organization, attract the best talent and optimize innovation,” said Mayes. “As well as being a moral imperative, this helps ensure that a retailer’s product mix is relevant to a broad customer base. “