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HSBC launches HK$40 billion loans scheme with cash rebates to encourage small businesses to hire staff
- SMEs can get HK$1,000 in cash for every new hire, up to a maximum of 10, under the new scheme
- It was welcomed as ‘a good move to encourage companies to create jobs’ by lawmaker Peter Shiu
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HSBC, the biggest lender in Hong Kong, has launched a HK$40 billion (US$5.1 billon) financing scheme for small and medium -sized enterprises (SMEs) with cash rebates to encourage them to hire staff.
Small businesses that successfully apply for a loan through the scheme will get up to HK$20,000 in cash, the bank said in a statement on Monday.
This includes a two-month interest rate rebate of up to HK$10,000, and HK$1,000 in cash for every new member of staff hired, up to a maximum of 10, during a defined period. The incentives scheme is open to all new or existing HSBC customers from today until the end of the year.
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The offer could be timely as many companies start to hire after the government’s latest round of consumption vouchers helped boost the local economy.
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“Many SMEs have been hit hard by the fifth wave of the [Covid-19] outbreak. The new HSBC new loan scheme is a timely measure to address the needs of the small enterprises,” said Peter Shiu Ka-fai, lawmaker for the wholesale and retail sector.
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“The cash rebate for the newly hired staff is a good move to encourage companies to create jobs.”
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