The SME Loan Guarantee Scheme was launched by The Hong Kong Mortgage Corporation Ltd (HKMC) on 1 January 2011. Since 1 May 2018, the scheme business has been transferred to and carried out by HKMC Insurance Ltd (HKMCI), a wholly owned subsidiary of the HKMC. Listed below are the product features of the 80% Guarantee, 90% Guarantee and Special 100% Guarantee under the SME Guarantee Scheme. Product feature of SME Loan Guarantee Scheme Guarantee Product | 80% Guarantee Product | 90% Guarantee Product | Special 100% Loan Guarantee Product | Risk Sharing Factor | 80% | 90% | 100% | Application up to | From 31 May 2012 to 30 June 2022 | From 16 December 2019 to 30 June 2022 | From 20 April 2020 to 30 June 2023 | Maximum Facility amount per borrower | HKD 18,000,000; Including credit facilities guaranteed under the 80% and 90% guarantee products | HKD 8,000,000; including credit facilities guaranteed under the 80% and 90% guarantee products. | HKD 6,000,000 or 18 months of wages + rents, whichever is the lower. | Busines Entity | The applicant : must be a company, sole-proprietorship, partnership or incorporated body of persons which has business operation in Hong Kong and remains registered under the Business Registration Ordinance shall not carrying on lending business shall not be an affiliate of the lender shall not be a listed company in Hong Kong or overseas (under 80% and 90% products Hong Kong listed company is eligibility up to 31 May 2021).
| Business Operation history | At least one year business operation in Hong Kong | Not applicable | At least 3 months business operation history in Hong Kong as at 31 December 2019 Must have suffered to 30% decline in sales turnover in any month since February 2020 compared with the monthly average of any quarter . (i.e. January to March, April to June, July to September or October to December) in 2019
| Facility Type | Revolving or non-revolving facility without any restriction on the proportion between them. | Term loan only | Term loan only | Interest rate | Overall interest rate be determined by HKMCI from time to time and decided by lenders. Currently, the maximum overall interest rate is 10% p.a. | Overall interest rate be determined by HKMCI from time to time and decided by lenders. Currently 8% p.a. for eligible enterprises with business operation history more than 3 years. Currently 10% p.a. for eligible enterprises with business operation history of 3 years or less. | Annual interest rate at 2.5% below the prime lending rate for HKD (currently at 2.75%) |
| The further enhancement measures which take effect on 29 May2020 provides interest subsidiary for the Facility under 80% and 90% Guarantee Products so as to align its annual interest rate to that of the facility under special 100% Loan Guarantee (currently at 2.75%). The annual interest subsidiary rate is the Facility’s annual interest rate minus 2.75%., subject to a cap of 3%. |
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