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Making good use of the extension of SME Financing Guarantee Scheme

09 April 2013 11:21

In response to the positive feedback resulting from the launch of the Special Concessionary Measures for the SME Financing Guarantee Scheme (SFGS) in May 2012, the Financial Secretary announced in the 2013-14 Budget the extension of the application period for one more year.  SMEs can continue to submit applications for loan products supported by the 80% guarantee rate based on the existing procedures until 28 February 2014.

 

One of the major enhancements for the Scheme’s extension is that related entities may be considered separately when assessing the borrower’s application with regard to their business nature. In other words, related entities may be eligible for separate facilities of up to the maximum HK$12 million upon assessment by the HKMC.

 

SMEs should utilize this good opportunity to obtain low cost financing for business development. Majority of banks in Hong Kong are participating lenders of SFGS. In fact, some banks are offering promotions such as guarantee fee waivers and rebates to further support the Scheme. SMEs should approach the SFGS participating lenders for details of the Scheme and to discuss their financing needs. 

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