Business News

Standard Chartered Business Banking fully supports the “SME Financing Guarantee Scheme – Special 100% Loan Guarantee” launched by HKMC Insurance Limite (HKMCI) to help SMEs cope with the challenges. Eligible clients can submit applications within 12 months of scheme launch. Please register online now to enjoy priority processing.

SME Financing Guarantee Scheme - Special 100% Loan Guarantee

Eligible Enterprises: 

• Local SMEs in all sectors including but not limited to retail outlets, travel agents, restaurants, cinemas, karaoke establishments and transport operators, etc. with valid Business Registration Certificate

Application Requirements: 

• Business registration and operation in Hong Kong for at least 3 months as at the end of December 2019 
• Suffered at least a 30% decline in sales turnover in any month since February 2020 compared with the monthly average of any quarter in 2019

Facility Type:

• Instalment Loan

Maximum Facility Amount:

• Up to the total amount of employee wages and rents for six months*, or HKD4 million, whichever is lower

Maximum Repayment Period:

• 36 months (with an optional principal repayment holiday for the first 12 months)

Loan Interest Rate:

• Annual interest rate at 2.5% below the Prime Lending Rate^ (i.e. the current effective interest rate at 2.75% p.a.)

Application Period:

• 12 months starting from the scheme launch

More Offers:

• Full Guarantee Fee Waiver#
• Full Handling Fee Waiver

Documents Required:

• Proof of business registration and operation in Hong Kong for at least 3 months as at the end of December 2019
• Proof of at least a 30% decline in sales turnover in any month since Required February 2020 compared with the monthly average of any quarter in 2019
• Proof of employee payroll and enterprise’s rental payment record

To Borrow or not to Borrow? Borrow only if you can repay!

For more details, please visit https://www.sc.com/hk/business-loans-working-capital/special-100-loan-guarantee/

*If proved an enterprise does not have either employee(s) or rented office(s), the calculation can be replaced by half of the maximum monthly net income in 2019.

^ The Prime Lending Rate is currently at 5.25% p.a. as announced by The Hong Kong Mortgage Corporation Limited which is accessible at www.hkmc.com.hk.

^#Clients of Special 100% Loan Guarantee are entitled to HKMCI’s full guarantee fee waiver.

Posted on 2020/04/22