HSBC to extend US$641 million in pre-approved loans to aid Hong Kong SMEs
Initiative aims to ease access to capital for entrepreneurs who are looking to invest at the beginning of a rate-cut cycle
HSBC, the biggest lender in Hong Kong, will launch a HK$5 billion (US$641 million) pre-approved financing scheme for small and medium-sized enterprises (SMEs).
The initiative seeks to ease access to capital for entrepreneurs who are looking to invest at the beginning of a rate-cut cycle. The bank will grant pre-approved credit limits to eligible existing SME customers – those whose creditworthiness HSBC can assess using its own data, the bank said on Wednesday.
HSBC will also extend an offer of a two-month interest rebate of up to HK$10,000 for applicants in the government-backed SME Financing Guarantee Scheme until the end of 2024, from the original deadline of September 30.
“HSBC has been standing by the business community by offering liquidity relief and financing options throughout and beyond the pandemic,” said Frank Fang, HSBC’s general manager and head of commercial banking for Hong Kong and Macau. “Today’s announcement reinforces our commitment to helping SMEs enhance their financial resilience through customer-centric solutions driven by data and technology.”