HSBC today said it fully supports the decision of the Hong Kong Special Administrative Government (HKSAR) to extend the Special SME Loan Guarantee Scheme (SpGS) and the Bank will provide a new preferential offer to its commercial banking customers under the scheme. From now until 31 December 2009, HSBC customers who have successfully applied for a loan under the SpGS can enjoy a preferential loan rate as low as P-2 per cent for a loan amount of up to HK$12 million.
Managing Director, Head of Business Banking Lena Chan said: "We welcome the HKSAR's extension of the application period for the SpGS. In view of the uncertainties in the local economic recovery, as well as the year-end cycle, we believe small businesses are in need of funds for additional working capital and for investing into new business opportunities when they arise."
She added: "We hope the new preferential offer can further assist small businesses manage their working capital and cash flow in a more flexible way."
In December 2008 HSBC established a new US$5 billion global loan fund for SMEs, HK$20 billion of which has been committed to supporting SMEs in Hong Kong. To date, HSBC has approved approximately HK$17.9 billion SME loans to support nearly 7,600 SMEs. More than 90 per cent of the approved loans are for applicants of the Hong Kong Government’s SME Loan Guarantee Scheme (SGS) and the Special SME Loan Guarantee Scheme (SpGS).
--www.theasianbanker.com (November 23 2009)--