Sunday, January 2, 2011

New Banks to join Loan Scheme for Small & Medium Enterprises

[Hong Kong Standard, Jan 3 2011] "Ten banks have signed deals with the Hong Kong Mortgage Corporation to participate in a financing plan for local small- and medium-sized enterprises.

The corporation's SME financing guarantee scheme helps non-listed local companies obtain loans from banks, beginning this month.

The money can be used as general working capital or to acquire assets.

The corporation will guarantee 50 to 70 percent of bank loans for eligible companies - up to HK$12 million for a firm for a maximum of five years.

"Administrative fees will be waived for SMEs that join the scheme before the end of June," said a spokesperson for Bank of East Asia.

"The scheme can provide some buffer to the market, to protect SMEs," said Alex Cheung Kin-sang, DBS (Hong Kong) managing director. A source said SMEs need time to study the details."

For more details about the loan scheme or participating banks, please contact our customer service team at Synergy Business Centre at (852)28041628 or .

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