The HKSAR Special 100% Loan Guarantee to Receive Applications

 

Hong Kong Mortgage Corporation Limited announces that, the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme (SFGS) starts receiving applications from 20 April 2020 (Monday). all lenders under the SFGS to participate in the Special 100% Loan Guarantee and the following lenders will receive applications:

 

The Special 100% Loan Guarantee is applicable to all sectors.  The loans will be fully guaranteed by the Government.  Eligible enterprises should have been operating for at least three months as at end-December 2019, and have 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.  An interest rate of the Prime Rate minus 2.5% per annum (i.e. current interest rate at 2.75%) will be charged.  All guarantee fee will be waived.  The maximum amount of the loan per enterprise is the total amount of employee wages and rents for 6 months*, or HK$4 million, whichever is lower.  Enterprises may also apply for an optional principal moratorium for the first 12 months, so as to alleviate instant burden on repayment.

 

* If 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.

 

For public enquiries, please call the SFGS Hotline at (852) 2536 0392.