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SME Financing Guarantee Scheme

SME Financing Guarantee Scheme

We support the 'SME Financing Guarantee Scheme' ('SFGS') launched by HKMC Insurance Limited ('HKMCI'), standing together with local SMEs through the challenges.

 

Enquiry / Application:

Call us on 2921 2060 or contact your Relationship Manager

 
  Key features of Special 100% Loan Guarantee
Eligibility
  • Companies registered in Hong Kong; AND Business has been in operation for at least 3 months in Hong Kong as at 30 June 2020

  • Not a listed company

  • Suffered at least a 30% decline in sales turnover in any month since February 2020 compared with the monthly average of any preceding quarter from January 2019 to June 2020
Facility Type Loans of non-revolving nature
Maximum Facility Amount
HK$6 million, OR
 
Total amount of wages and rents for 18 months (whichever is lower)
Maximum Guarantee Period and Repayment Term 8 years (Optional principal moratorium for up to 18 months in aggregate*)
Guarantee Fee & Handling charge Waived
Required Documents
  • Latest copy of Business Registration/Certificate of Incorporation(Proof of the business has operated for at least three months 30 June 2020

  • Copy of identity document of business owner and major shareholders

  • Proof of the company sales turnover has declined by at least 30% in any month since February 2020 compared with the monthly average in any preceding quarter from January 2019 to June 2020

  • Companies' employees payroll record and rental payment record (e.g. MPF statements, payroll receipts, tenancy agreement or rental receipts)
 

Key features of other Guarantee Products:

  80% Guarantee Product 90% Guarantee Product
Eligibility Companies registered in Hong Kong; AND Business has been in operation for at least 12 months Companies registered in Hong Kong
Facility Type
Non-revolving term loan;
Revolving Loan;
Trade Facility;
Overdraft Facility
Term Loan
Maximum Facility Amount HK$18 million HK$8 million
Maximum Guarantee Period and Repayment Term (applicable to non-revolving Facility only)
7 years
 
(Optional principal moratorium for up to 18 months in aggregate*)
5 years
 
(Optional principal moratorium for up to 18 months in aggregate*)
Guarantee Fee & Handling charge Please refer to terms and conditions point 2

*Existing or new applicants can apply for principal moratorium of up to 12 months, which is renewable subject to a maximum of 18 months in aggregate.

 

Terms and Conditions

  1. The maximum loan amount of Special 100% Loan Guarantee is the total amount of employee wages and rents of the applicant for 18 months, or HKD6,000,000, whichever is lower. The maximum facility amount under the Special 100% Loan Guarantee is separate from the existing/applied loan amount/facility limit(s) under the 80% Guarantee Product and 90% Guarantee Product. Thus, the Applicant who is applying for the Special 100% Loan Guarantee, can also apply for the 80% Guarantee Product and/or 90% Guarantee Product.
  2. The SFGS is provided by The HKMC Insurance Limited ('HKMCI'). A guarantee fee will be applied and is subject to the credit facility amount, bank interest rate and the guarantee coverage as determined by the HKMCI from time to time. Application of Special 100% Loan Guarantee are entitled to HKMCI’s full guarantee fee waiver. For the Scheme's details, please visit the HKMCI website.
  3. Please call our SME hotline on 2921 2060 or contact your relationship manager for more details.
  4. Shanghai Commercial Bank Limited ('SCB') shall have the absolute discretion to approve or reject the application of any facilities under the SFGS. The final approved amount of credit facility, rate of interest, fees and charges and any other terms and conditions are subject to the relevant loan documents to be accepted and signed by the applicant. In the event of dispute, SCB reserves the sole right of final approval.
  5. The loan may also be subject to other applicable terms and conditions. SCB reserves the right at its discretion to amend or cancel the above terms and conditions without prior notice.
 

If there is any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail.


 

  Reminders about Responsible Borrowing
  • You should have a clear understanding of your financial condition, daily expenses, and actual borrowing needs.
  • You should have assessed your repayment ability and avoid over-borrowing.
  • You should repay any outstanding balance on time to avoid late payment charges and additional overdue interest charged by the bank.
  • To borrow or not to borrow? Borrow only if you can repay!
In case you wish to enquire whether a third party is appointed by our Bank for referring credit card or loan application, please contact customer service hotline 2818 0282.
 
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