Special 100 Loan Guarantee Hkma
The special 100 loan guarantee will start receiving applications from next monday 20 april and the application period is extended to 1 year.
Special 100 loan guarantee hkma. The financial secretary mr paul chan said i announced the introduction of the special 100 loan guarantee in the 2020 21 budget with the objective of easing the cash flow problems of enterprises adversely affected by the. Hk 1 0 billion outstanding principal balance of loan portfolio was hk 21 5 billion as at 30 june 2020 31 december 2019. The new measure aims to alleviate the burden of paying employee wages and rents by small and medium sized enterprises smes which are suffering from reduced income thereby help minimise enterprise shutting down and layoffs.
Accounts receivables loans offered to retail sector pre approved principal payment holiday scheme launched covering 80 of corporate borrowers hkmci rolled out special 100 loan guarantee scheme streamlined application process of relief measures and set up sme enquiry hotlines released hk 1 trillion of lending capacity lowered the countercyclical. The financial secretary announces in the budget today 26 feb that hkmc insurance limited hkmci will introduce special 100 loan guarantee under the sme financing guarantee scheme sfgs. Earlier hkma had also outlined the treatment of these loans under the banking exposure limits rules belr and the banking capital rules bcr.
Hkmc insurance limited hkmci a wholly owned subsidiary of the hong kong mortgage corporation limited announces that the special 100 loan guarantee under the sme financing guarantee scheme sfgs will start receiving applications from 20 april 2020 monday. Purchased hk 0 9 billion loan assets and hk 14 3 billion loans with the special 100 loan guarantee under the sme financing guarantee scheme sfgs 1h 2019. For public enquiries please call the sfgs hotline at 2536 0392.
Regulatory capital coronavirus hkma announced certain enhancements to the 100 loan guarantee product under the small and medium sized enterprise sme financing guarantee scheme. The total guarantee commitment of the special 100 loan guarantee under the scheme is being increased to hkd 50 billion. The application period will last until 19 april 2021.
These relief measures have been implemented promptly and effectively thanks to the concerted efforts of the banking sector and the hkmc in delivering the measures and processing the large number of applications in a speedy and flexible manner. Hkmc insurance limited a wholly owned subsidiary of the hong kong mortgage corporation limited today tuesday announces that in order to further alleviate the cash flow pressure of small and medium sized enterprises the maximum amount of loan per enterprise under the special 100 loan guarantee of the sme financing guarantee scheme sfgs is raised from the total amount of employee wages and rents 1 for 6 months to that for 12 months or hk 5 million originally hk 4 million whichever. Since its introduction the special 100 loan guarantee has provided much needed loans to over 10 000 companies involving a total loan amount of more than hk 27 billion.
The special 100 loan guarantee under the scheme started to receive application on 20 april 2020.
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