The HSBC Secured Credit Card program provides business and credit counseling, matched savings grants, and access to the mainstream banking system to those seeking to improve their financial stability.
Participants of the HSBC Secured Credit Card Program receive the following benefits:
PACE Business Development Center – Training and Counseling
- Access to all PACE Business Development Center classroom training and one-on-one counseling which provide new and existing entrepreneurs with the tools to operate sustainable businesses and successfully manage their personal finances. BDC services include credit/financial counseling, business development training, technical assistance and access to capital.
HSBC Savings Account
- Access to a savings account through HSBC.
HSBC Secured Credit Card
- 0% Introductory interest for 12 months
- $0 Annual Fee
- Graduate to a regular credit card with proven creditworthiness
$500 Matched Savings Grant
- Participants who successfully save $500.00 will receive a $500.00 matched savings grant. The total $1,000.00 is then available for usage to open a HSBC Secured Credit Card.
PROGRAM ELIGIBILITY AND REQUIREMENTS
In order to receive a matched savings grant, participants must meet the following requirements:
- Be an existing business owner in the City of Los Angeles (with proof of business)
- Enroll in PACE Business center
- Complete at least two hours of business or credit training
- Make a deposit of $500.00
- Remain in the program for at least 12 months