HSBC is offering a two-month interest rebate on loans approved under the Hong Kong SAR Government’s SME Loan Guarantee Scheme (SGS) and Special Loan Guarantee Scheme (SpGS). The rebate comes in response to the government’s recent announcement on relief measures for small and medium-sized businesses.
The interest rebate is available to HSBC’s Commercial Banking customers with sales turnover dropped by 10% or more year-on-year since 2009. The offer is based on loan principal up to HK$1 million under the Government SGS and SpGS covering the period 6 November 2008 to 30 September 2009.
“HSBC welcomes the Hong Kong SAR Government’s move to enhance its SME loan schemes,” says Albert Chan, HSBC’s head of commercial banking in Hong Kong. “We believe the proposed increase in loan amount and guaranteed portion, together with the extended loan period and application deadline, will provide additional relief to SMEs. We hope the two-month interest rebate will further help SMEs through the current challenging period.”
In December 2008, HSBC established a new US$5 billion global loan fund for SMEs, of which a total of HK$8 billion has been committed to supporting SMEs in Hong Kong. To date, HSBC has approved approximately HK$6 billion SME loans to support over 3,500 SMEs.
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