Hong Kong 16 Major Banks to Allocate $47 Billion to Support Small & Medium-Sized Enterprises, Hong Kong Enhances SME Financing Guarantee Scheme Allowing Companies to Apply for Principal Moratorium for 12 Months for New & Existing Loans, Loan Guarantee Periods of 80% Products Extended to 10 Years & 90% Products Extended to 8 Years, Partial Principal Payment Options Offered to New Loans
19th October 2024 | Hong Kong
Hong Kong 16 major banks have pledged to allocate $47 billion of funds to support Small & Medium-Sized Enterprises (SMEs). On 16th October 2024, the Hong Kong government announced new enhancements to the SME Financing Guarantee Scheme (Small Medium Enterprises), allowing companies to apply for principal moratorium for 12 months for new & existing loans, loan guarantee periods of 80% products extended to 10 years & 90% products extended to 8 years, partial principal payment options offered to new loans. Hong Kong Monetary Authority (HKMA) 16/10/24: “The Chief Executive announced in “The Chief Executive’s 2024 Policy Address” today (16 October) that, for both existing and new loans, borrowing enterprises under the SME Financing Guarantee Scheme will be allowed to apply for principal moratorium for up to 12 months while the maximum loan guarantee periods of the 80% and 90% Guarantee Products will be extended to ten years and eight years respectively. In addition, the partial principal repayment options will be offered to new loans under the two guarantee products. These measures aim to alleviate the repayment pressure on borrowing enterprises, helping them address challenges encountered during economic restructuring. HKMC Insurance Limited will follow up with the lending institutions on the implementation details of the above new measures, aiming to roll them out within November this year. Borrowing enterprises may approach their lending institutions to discuss the arrangements at that time.”
“ Hong Kong 16 Major Banks to Allocate $47 Billion to Support Small & Medium-Sized Enterprises, Hong Kong Enhances SME Financing Guarantee Scheme Allowing Companies to Apply for Principal Moratorium for 12 Months for New & Existing Loans, Loan Guarantee Periods of 80% Products Extended to 10 Years & 90% Products Extended to 8 Years, Partial Principal Payment Options Offered to New Loans “
Hong Kong Enhances SME Financing Guarantee Scheme Allowing Companies to Apply for Principal Moratorium for 12 Months for New & Existing Loans, Loan Guarantee Periods of 80% Products Extended to 10 Years & 90% Products Extended to 8 Years, Partial Principal Payment Options Offered to New Loans
18th October 2024 – The Hong Kong government has announced new enhancements to the SME Financing Guarantee Scheme (Small Medium Enterprises), allowing companies to apply for principal moratorium for 12 months for new & existing loans, loan guarantee periods of 80% products extended to 10 years & 90% products extended to 8 years, partial principal payment options offered to new loans. Hong Kong Monetary Authority (HKMA) 16/10/24: “The Chief Executive announced in “The Chief Executive’s 2024 Policy Address” today (16 October) that, for both existing and new loans, borrowing enterprises under the SME Financing Guarantee Scheme will be allowed to apply for principal moratorium for up to 12 months while the maximum loan guarantee periods of the 80% and 90% Guarantee Products will be extended to ten years and eight years respectively. In addition, the partial principal repayment options will be offered to new loans under the two guarantee products. These measures aim to alleviate the repayment pressure on borrowing enterprises, helping them address challenges encountered during economic restructuring. HKMC Insurance Limited will follow up with the lending institutions on the implementation details of the above new measures, aiming to roll them out within November this year. Borrowing enterprises may approach their lending institutions to discuss the arrangements at that time.”
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