HSBC will double its SME loan fund in Hong Kong to US$1.03 billion to accommodate more than 3,000 applications.
To date, US$412 million of the bank’s original US$515 million has been granted to SMEs in Hong Kong since the fund was launched in December 2008.
"HSBC stands by the small business sector in Hong Kong. We remain open for business and we continue to provide lending to quality projects," said Sandy Flockhart, CEO for HSBC Asia-Pacific and Global Head of Commercial Banking.
Ninety percent of the loans have been granted to applicants of the Hong Kong Government’s SME Loan Guarantee Scheme and the Special SME Loan Guarantee Scheme. The loans are for working capital and equipment financing.
The Hong Kong fund is part of the HSBC US$5 billion global fund, which is also available to SMEs in the UK, France and Malta.
Mr. Flockhart said: "HSBC is keen to support SMEs through this challenging period. We are confident that Hong Kong, and Asia as a whole, are well-placed for recovery as the region will be amongst the first to benefit from the recovery in trade flows."
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