Financial News
Written by: Xu Shihao
2020-09-02 16:38
Last update date: 2020-09-02 16:39
The Hong Kong Monetary Authority stated that considering that the epidemic continues to affect economic activities and some companies are still facing difficulties in capital turnover, the bureau and the "Banking SME Loan Coordination Mechanism" announced the extension of the "pre-approved interest repayment without principal" plan. Month to April 2021.
Trade finance loan principal repayment period extended by 90 days
The loan principal repayment period of eligible bank corporate customers from November this year to April next year is extended by six months, and the principal repayment period of trade financing loans has been extended by 90 days.
The HKMA has issued a letter requesting all participating banks to take measures to implement the new arrangements.
The HKMA stated that since customers already have a certain understanding of the plan, and the banking industry has to arrange for some employees to work from home in response to the epidemic, the bank will not issue individual notices to eligible customers for this extended arrangement. Corporate customers in need can contact the bank. The case of each eligible customer will be processed on the principle of pre-approval.
Six months of delayed principal repayment measures for credit guarantee products
In addition, the mortgage insurance company under the Hong Kong Mortgage Corporation also announced on the same day that it will extend the SME financing guarantee plan for 80% and 90% of the credit guarantee product to defer the principal repayment measures for six months, until March 31 next year. The golden period has also been increased from the longest 12 months to 18 months, and the loan guarantee period can be extended accordingly to relieve the pressure on SMEs’ capital turnover.
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Monetary Authority
