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Home»ADOPTION NEWS»Hong Kong strengthens financing guarantee system for small and medium-sized enterprises despite economic difficulties
ADOPTION NEWS

Hong Kong strengthens financing guarantee system for small and medium-sized enterprises despite economic difficulties

By Crypto FlexsOctober 21, 20242 Mins Read
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Hong Kong strengthens financing guarantee system for small and medium-sized enterprises despite economic difficulties
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Tony Kim
October 16, 2024 10:00

The Hong Kong Monetary Authority has announced improvements to its SME Financial Guarantee Scheme, providing extended loan guarantee periods and new repayment options to support businesses.





The Hong Kong Monetary Authority (HKMA) has unveiled significant enhancements to its small and medium enterprise (SME) financial protection scheme, as announced in the CEO’s 2024 policy speech. These changes are designed to provide relief to leveraged companies facing economic restructuring challenges.

Key measures introduced

According to the HKMA, businesses borrowing under the SME Financing Guarantee Scheme will now benefit from the option to apply for principal deferment for up to 12 months for both existing and new loans. In addition, the maximum loan guarantee period for 80% guarantee products and 90% guarantee products will be extended to 10 years and 8 years, respectively. These adjustments aim to reduce the repayment burden on businesses and support them through the current economic transition.

New repayment options

To further support businesses, new loans under both guaranteed products will also have a partial principal repayment option. The plan is expected to improve the ability of businesses to navigate the complexities of economic restructuring by giving them more flexibility in managing their financial obligations.

Implementation Schedule

HKMC Insurance Limited, the subsidiary responsible for administering the scheme, will work with lenders to implement these measures. HKMA expects to roll out these improvements by November 2024. Lenders are encouraged to contact their lenders to discuss the new arrangements once they are in place.

For more information, visit Hong Kong Monetary Authority.

Image source: Shutterstock


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