HSBC Encreases Loan Fund For Hong Kong SMEs

HSBC is increasing its SME loan fund in Hong Kong by HK$4 billion to a total of HK$8 billion to boost support for small businesses in the territory. To date, HK$3.2 billion of the original HK$4 billion has been granted

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HSBC is increasing its SME loan fund in Hong Kong by HK$4 billion to a total of HK$8 billion to boost support for small businesses in the territory.

To date, HK$3.2 billion of the original HK$4 billion has been granted to SMEs in Hong Kong since the fund was launched in December 2008. More than 3,000 applications have been received.

“HSBC stands by the small business sector in Hong Kong,” says Sandy Flockhart, CEO for HSBC Asia-Pacific and global head of commercial banking. “We remain open for business and we continue to provide lending to quality projects.”

90% of the loans have been granted to applicants of the Hong Kong Government’s SME Loan Guarantee Scheme and the Special SME Loan Guarantee Scheme. The loans are for working capital and equipment financing.

The Hong Kong fund is part of the HSBC US$5 billion global fund, which is also available to SMEs in the UK, France and Malta.

“HSBC is keen to support SMEs through this challenging period,” says Flockhart. “We are confident that Hong Kong, and Asia as a whole, are well-placed for recovery as the region will be amongst the first to benefit from the recovery in trade flows.”

D.C.

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