Yu Weiwen: SMEs in Hong Kong are still in dire straits and will continue to provide appropriate support

Financial News

Written by: Kuang Yueting

2020-06-22 15:50

According to Yu Weiwen, President of the HKMA, on the website of the Bureau, "While thinking", although the new coronary pneumonia epidemic has eased slightly in Hong Kong and various economic activities have gradually restarted, many SMEs are still in dire straits. Therefore, the top priority of the Bureau is to continue Provide support to them, stabilize their business, and then maintain local employment.

Yu Weiwen said that 80% and 90% of the guarantee products of the "SME Financing Guarantee Scheme" approved a total of more than 2,100 applications in the first five months of this year, with an amount of more than 6.1 billion yuan. The number of approved applications has nearly doubled year-on-year. From the end of May, the loan ceiling for 80% and 90% of the guaranteed products has been further increased from 15 million and 6 million yuan to 18 million and 8 million yuan respectively, and the application qualifications will be extended to listed companies in Hong Kong for a period of one year. Expect to help more companies get through the difficulties.

In addition, since the launch of the "100% Guaranteed Preferential Loan" on April 20, the evidence insurance company has received about 8,600 applications from banks, involving about 16 billion yuan. About 60% of applications are now approved on the same day. Yu Weiwen pointed out that the preferential loan funds are provided by the Hong Kong Mortgage Corporation, not by the bank. Therefore, the approval of the bank will only focus on whether the borrowing company meets the application requirements of the plan, rather than simply considering the borrowing of business, and does not need to worry about claims. Therefore, approval is very fast. The bureau will continue to pay close attention to market conditions and provide appropriate support when necessary to help SMEs overcome difficulties.

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Yu Weiwen, Monetary Authority